Small businesses who have been refused credit by financial institutions are being urged to contact MicroFinance Ireland by Cork East Fine Gael TD, David Stanton. MicroFinance Ireland, who work closely with County and City Enterprise Boards, was launched on 1st October 2012 as part of the Government’s Action Plan for Jobs to assist viable microenterprises accessing loans to progress their business.
“To be eligible for MicroFinance loans businesses must satisfy a number of criteria. Applicants must be sole traders, partnerships, or a limited company with less than 10 employees and with a turnover of less than €2 million. I should point out that eligible businesses can be either start-ups or already in operation.”
“Loans from between €2,000 to €25,000 are available with the term of the loans ranging from between 6 months to 3 years but in order to access these loans you must have been refused credit by a ban”, said Deputy Stanton
Statistics as of the end of May show 44% of 189 applications received by MicroFinance Ireland were approved. These approvals have resulted in over €1.1 million in loans has been paid out to 68 viable enterprises supporting approximately 170 jobs.
“I would urge any small business or business start-up who cannot access credit from Financial institutions to explore a Micro-Finance Ireland loan. Further details are available on their website at www.microfinanceireland.ie