Microfinance Ireland Loan
Microfinance Ireland (MFI) is a not-for-profit lender that can offer loans to small businesses to help them grow. It was set up to support businesses that might otherwise have difficulties getting funding from banks and other commercial lenders. It works very closely with Local Enterprise Offices, and it can offer business loans from €2,000 to €25,000.
MFI have a range of loan offers available to help businesses start up, grow and expand. They also offer emergency loans for businesses impacted by COVID -19 and Brexit. You can view all their loans offers here https://microfinanceireland.ie/loan-packages-22/
Features and benefits of and MFI loan
- Reduced interest rate of 5.5% APR if submitted through your Local Enterprise Office. (6.5% APR applies if you submit your application directly to Microfinance Ireland.)
- Access to business supports, advice and mentoring if applied through your Local Enterprise Office
- Business Loan amounts from €2,000 to €25,000
- Loan terms from 1 to 5 years
- No fees or charges
- Fixed repayments with no penalty for early repayment
Who can apply?
Any business (sole trader, partnership or limited company) based in Ireland with less than 10 employees and an annual turnover of up to €2m. This includes businesses unable to secure finance from a bank or commercial provider.
How to apply?
Speak with your Local Enterprise Office about making an application for an MFI loan. Find their contact details here: https://www.localenterprise.ie/Find-Your-Local-Enterprise-Office/
Your Local Enterprise Office can provide details on the terms and conditions, and how to prepare and submit your application.
Learn more about your Local Enterprise Office
The Local Enterprise Office is your local first stop shop for seeking information and support on starting or growing a business in Ireland. There is a Local Enterprise Office in each local authority area. With 31 dedicated teams across the local authorities in Ireland, Local Enterprise Offices offer you a wide range of experience, skills, and services. Full details on Local Enterprise Office supports are available at LocalEnterprise.ie.