Microfinance Ireland

Who We Are.

Microfinance Ireland (MFI) is a not-for-profit lender, set up by the Government to manage the Microenterprise Loan Fund Scheme with the aim of promoting economic development, employment and enterprise across every town and county in Ireland.

What we do.

MFI provides business loans from €2,000 to €25,000 to both Start-Ups and growing micro enterprises for commercially viable proposals that have difficulty in accessing finance mainly from Banks mainly because of the early stage of their business, credit history, and missed payments etc..

During the recession small businesses found it very difficult to get much-needed financial support from traditional lending providers. While banks are lending again, MFI continues to experience increased demand for its services, highlighting the fact that there is always a need for an organisation like Microfinance Ireland to offer an alternative source of funding to those small businesses that do not meet standard Bank lending criteria. As a not-for profit and government-funded lender, MFI can underwrite credit at a level of risk that is beyond commercial lenders which is unique in the marketplace. If your business is set up as a Sole Trader, Partnership or Limited Company you are eligible to apply provided you have:

• Fewer than 10 full-time employees
• Annual Turnover of up to €2m
• You are creating or sustaining a minimum of one full-time job in the business MFI business loans can be used for set up costs, working capital or business expansion and to support the creation and retention of jobs. All MFI loans are approved on an unsecured basis, at affordable pricing without any fees or charges.

The 31 Local Enterprise Offices (LEO) supports MFI by assisting microenterprises with their loan application, along with other business training and mentoring support.

MFI also offers expert one-to-one mentoring to approved loan applicants through the LEOs. This is an important support for successful loan applicants in helping develop strong business acumen and supports the sustainability of the business over the longer term.

MFI often acts as a catalyst for “changing lives”, helping people to set up or grow businesses and fulfilling dreams.

Find out more on www.microfinanceireland.ie