Microfinance Ireland provides small loans to help start-ups and established businesses to get the finance they need for their business.
At Kildare Local Enterprise Office, we are here to support you with acquiring this financial support. We have business mentors ready to assist you with your applications.
If you would like to apply for a Microfinance Ireland business loan, find more details here -
Micro Finance Ireland.
(1) NEW COVID-19 Business Loan Scheme
Zero repayments for first 6 months and the equivalent of 12 months interest-free subject to certain terms and conditions*
The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current challenges and protect job creation and sustainment in Ireland.
If your business has been impacted by COVID-19 resulting in a reduction of 15% or more in turnover or profit, and you are unable to secure finance from banks and commercial lending providers, the MFI COVID-19 Business Loan may be an option to help your business.
Loans can be used for working capital or changes required by the business to manage COVID19.
Product Features:
- Business Loans from €5,000 to €25,000
- First 6 months – 0% interest and zero repayments
- Repayments will commence in month 7 for the remaining period of your loan.
- Government rebate for the interest paid in the following 6 months (months 7-12 of your loan)
- Interest rate after the first 6 months will be: a reduced interest rate of 4.5% APR if submitted through the Local Enterprise Office Network (or other referral partners) or 5.5% APR if you apply directly
- Loan terms typically up to 3 years
- No fees or charges
- Fixed repayments with no penalty for early repayment
*Terms & Conditions:
- The maximum loan amount is €25,000 for all applicants. Existing MFI customers can apply for up to €25,000, in addition to existing borrowings subject to a maximum credit exposure of €50,000.
- The Government rebate of the equivalent of 6 months interest will be refunded automatically, directly to your bank account, in Month 13 of the loan period. This interest rebate will only be made if the full 6 repayments including interest have been made in the previous 6 months. No interest rebate is payable if this condition is not met.
- By exception, capital expenditure may be funded up to 5 years.
Eligibility:
- Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m and was trading prior to the coronavirus pandemic in Ireland
- Unable to secure finance from the Bank or commercial lending provider
- The business has been impacted by COVID19 resulting in a 15% or more reduction in turnover or profit.
Further information is available on the MFI website
here >>
(2) NEW Brexit Loan Scheme
Microfinance Ireland have launched their Brexit Loan to help businesses meet the challenges of Brexit.
Product Features:
- Loans from €5,000 to €25,000
- Loan terms from 6 months to 3 years (shorter loan terms depending on purpose)
- Interest rate of 4.5% APR if submitted through the Local Enterprise Office
(Please note there is no interest or repayment holiday for these loans. Depending on the term of the loan, interest only repayments for 3 months may apply in line with standard products).
Eligibility Criteria:
- Any business* (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
- Unable to secure finance from a Bank or commercial lending provider
- Business turnover is or potentially could be impacted by a minimum of 15% OR the business has a short term cashflow need as a direct result of Brexit.
*While businesses involved in Alcohol Production are deemed to be an excluded sector for standard MFI Loans, they are eligible to apply for an MFI Brexit Loan.
Further information is available on the MFI website
here >> (3) Other Loan Packages (Details here)
You can view the full selection of loan packages available
here >>