Microfinance Ireland (The challenge: Access to Capital, Ireland)
Access to capital is a major hurdle for many new entrants who want to establish a small business. Microfinance Ireland (MFI) was established to administer a Government ‘Microenterprise Loan Fund’. The fund provides loans to smaller businesses with less than 10 employees and a turnover of less than two million euro.
The Microenterprise Loan Fund is a support provided by the Department of Enterprise Trade and Employment and is one of a range of supports provided to Small and Medium Enterprises (SMEs).
MFI lends to all sectors and customers who have been unable to secure a loan from a bank are referred by local development agencies or get in contact directly with MFI. Loans of up to €25,000 are available unsecured to both start-ups and existing micro businesses. The unsecured nature of the loans could be of significant interest to new entrants who don’t have collateral to secure a bank loan.
There are a number of loan packages available from MFI including; Start-Up, Expansion, Cashflow, Brexit Business, Covid 19 Business and an Electric Public Service Vehicle loans which can range from €5,000 to €25,000. Small loans of €2,000 to €5,000 are also available.
Further information on Micro Finance Ireland is available at; https://microfinanceireland.ie/
Further information on the Microenterprise Loan Fund and the full range of supports provided to SMEs by the Department of Trade and Employment is available at; https://enterprise.gov.ie/en/What-We-Do/Supports-for-SMEs/
NEWBIE New Entrant netWork: Business models for Innovation, entrepreneurship and resilience in
European agriculture (2 of 2)
Ongoing | 2018-2021
European agriculture (2 of 2)
- Main funding source
- Horizon 2020 (EU Research and Innovation Programme)
- Geographical location
- Netherlands