Microfinance Ireland provides small business loans of between €2000 and €25000 in partnership with the Local Enterprise Office Network. This financial support aims to help small businesses establish themselves, grow and sustain employment – and local businesses can benefit from reduced interest rates if they apply for an MFI loan through Local Enterprise Office Galway.
Microfinance Ireland is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund. MFI works very closely with the Local Enterprise Offices, providing loans to small businesses.
Loans can be used to fund costs such as start-up costs, working capital, purchase of stock, equipment, machinery, or business expansion plans.
Businesses who apply through Local Enterprise Office Galway can avail of reduced interest rates of 4.5%, as opposed to 5.5% if they apply directly to MFI. Loan terms can vary from one to five years, and applicants can benefit from fixed payments, no fees or charges, and no penalties for early repayment.
Microfinance Loans are available to any business (Sole Trader, Partnership or Limited Company ) based in Ireland with less than 10 employees and annual turnover of up to €2 million. Applications from businesses that have been unable to secure finance from a bank and/or another commercial provider will also be considered.
The Local Enterprise Office Galway team is available to provide information and advice on the application process. Applicants will also be offered business supports, advice and mentoring. For further information visit localenterprise.ie/Galway, email [email protected] or call 091-509090.
