ARE YOU LOOKING TO ACCESS FUNDING FOR YOUR BUSINESS?
Microfinance Ireland (MFI) is a Government initiative to provide funding to both start-up and existing micro-enterprises that are having difficulty accessing credit through traditional lending channels.
Businesses that have less than 10 employees and turnover of less than €2million annually are eligible to apply for loan funding between €2,000 and €25,000. A wide variety of purposes, such as working capital, stock and capital expenditure can be applied for with loan terms ranging between 3 and 5 years.
The variety of businesses which have been assisted by funding from MFI, include tourist related facilities, retail stores, wholesale distribution, restaurants and many other business sectors.
MFI plans to significantly increase its lending in the current year and is actively encouraging loan applications from individuals with viable business propositions. At the end of 2015 MFI had approved over €11.5 million in funding supporting 1,821 jobs in 770 micro-enterprises.
Applications for finance can be submitted either directly to MFI or through their partners in the application process, the Local Enterprise Offices (LEOs). Applicants can avail of a 1% discounted interest rate of 7.8% if they are approved for MFI funding if they process the application through their Enterprise Office.
All relevant information and documents can be accessed through Microfinance Ireland’s website or through your nearest Enterprise Office’s website.
At Noone Casey we have successfully processed a number of Micro Finance loan applications; feel free to contact us if you have any queries about this method of funding.