Microfinance Ireland provide small loans through the Government’s Microenterprise Loan Fund. The purpose of the fund is to help start ups and established businesses to start up a small business or expand your existing business.
What is a microenterprise? It is simply a small business (including a self-employed person) with fewer than 10 employees and an annual turnover of less than €2m. They help these businesses by providing unsecured business loans of €2,000 to €25,000 for commercially viable proposals. Sole Traders, Partnerships & Limited Companies are all eligible to apply.
They can consider applications from businesses that may have been declined a loan from their Bank. They look at your application and base our decision on the viability of the business and your ability to repay the loan.
Microfinance Ireland work closely with all their partners, including Local Enterprise Offices (LEOs), the Irish Local Development Network (Local Development Companies and Area Partnerships – LDCs for short). Furthermore, they collaborate with all the major Banks to provide viable businesses with the support they need to get started or to grow their business and create jobs.
The Local Enterprise Offices and Local Development Companies can help you to prepare the documents you need to apply for a loan from us. You can also get a 1% reduction in the interest rate when you submit your application through them. Therefore, it’s worth talking to them if you need some help with your application.
If you have already received loan funding (a grant, Bank loan, etc.) but require additional funding to meet a funding shortfall, Microfinance can consider an application for co-funding provided you do not exceed the loan threshold of €25,000 from Microfinance Ireland.
Once your loan is approved, they can also provide you with invaluable mentoring support from an experienced business mentor on the LEO Mentor Panel. Mentoring is a vital extra support tool to help customers establish, grow and develop their business.