Microfinance Ireland wants to make it easier for businesses to start up, expand, succeed and create jobs.
We do this by lending through the Microenterprise Loan Fund. This is targeted at start-up or growing microenterprises across all industry sectors. We work with businesses based in the Republic of Ireland, with less than 10 employees and a turnover of less than €2m.
We help by providing unsecured business loans of €2,000 to €25,000 for commercially viable proposals.
Under a partnership between Microfinance Ireland and the Local Enterprise Offices, Business Loans are now available through the LOCAL ENTERPRISE OFFICE (LEO’s) nationally.
By applying through the Local Enterprise Office you will get:
· Unsecured loans from €2,000 up to €25,000
· Term from 3 to 5 years
· Reduced Interest Rate 7.5% (7.8% APR) for LEO clients
· Flexibility on repayment terms
The loans are provided and underwritten by Microfinance Ireland and the final decision for all loan applications is made by Microfinance Ireland. Applications made through the LEO offices will, in the first instance, be assessed locally by LEO business advisors. Loans are repayable to Microfinance Ireland according to the terms and conditions laid out by Microfinance Ireland.
Unlike some of the other financial supports available from the Local Enterprise Offices, all business sectors are eligible to apply for a Microfinance loan. Sole Traders, Partnerships and Limited Companies with fewer than 10 employees and an annual turnover of less than €2m are eligible to apply. Loans may be used to fund the start-up of a business, the purchase of stock, equipment, machinery and business vehicles and are also available to existing enterprises.
Have a look at our YouTube channel for real life case studies of those people we have helped with a Small Business Loan on our YouTube page.
For the full range of Government supports available to your business please use the SME Online Business Tool, which has been set up to assist small businesses.