Microfinance Ireland (MFI) is an option for ‘micro’ businesses to raise capital to invest in their business, where they may have struggled to borrow from traditional sources like banks. MFI was originally set up in 2012 to help roll out the government’s Microenterprise loan fund. To be classed as a micro business there are some criteria: an annual turnover below 2 million euros, less than 10 employees and based in the Republic of Ireland.
No matter what sector you are operating in or what type of business you are planning, we can often help by providing loan finance in circumstances where the banks are unable to. In fact many of our customers come to us either directly or through one of our partners, the Local Enterprise Office or Local Development Company, after being turned down for a loan by their bank.
Interest rates are set at relatively low rates (as low as 5% for the IBYE). There may be a slight discount if the application is made from a Local Enterprise Office/ Local Development Company.
Types of Loans
Aside from the specialist IBYE loan (for ‘Ireland’s Best Young Entrepreneur’ applicants) loans of €5,000 – €25,000 are offered for:
- A ‘small loan’ for €2,000 – €5,000