6.1 MicroFinance Fund
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.
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.
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: email@example.com
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