Microfinance Ireland – Change in Lending Terms

Lending microfinance ireland As of the 1st of April 2015, businesses seeking loans from Microfinance Ireland (MFI) will no longer require commercial bank refusal before they can apply for lending from the government backed fund. This fund was establish in 2012 by the Irish government to help start-up, new or growing enterprises across all sectors. The Microenterprise Loan Fund offers €90m in new lending to 5,500 micro-enterprises. The MFI chairman Geraldine Kelly said the requirement for a bank to refuse a company credit before they can apply to MFI is being removed as it may act as a deterrent to some businesses. Companies with commercially viable proposals can avail of loans of up to €25,000. These companies must employ fewer than 10 people and have turnover of less than €2m. Borrowers pay a commercial interest rate. For further information on the MFI fund see www.microfinanceireland.ie

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