Financial Supports For Business Part 6/6. Access To Credit

6.1 MicroFinance Fund

Background: The Government has developed a Microfinance fund aimed at start-up, new or growing enterprises across all sectors. The Microfinance fund will offer €90m in new lending to 5,500 micro enterprises. Support available: Loans of up to €25k are available for commercially viable proposals that do not meet the conventional risk criteria applied by commercial banks. Borrowers will pay a commercial interest rate. Who qualifies: The following criteria are required to qualify: - Start-up, new or growing enterprise (including existing small businesses and sole traders) - Turnover of > €2,000k - Staff of > 10 - Business has been declined bank credit How to apply: The following information must be prepared to make an application: - Micro-Enterprise Business Lending Application Form - Business Plan - Cashflow projections (3 Years) Where possible Local County & City Enterprise Boards will assist with funding applications and carry out a local evaluation and recommendation on Microfinance Irelands behalf. Alternatively a completed application can be sent directly to Microfinance Ireland. For further information please check: www.microfinanceireland.ie or contact: info@microfinanceireland.ie

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