Search Results for 'Microfinance Ireland'

Mayo Fine Gael TD, Michelle Mulherin, has welcomed the findings of a review of Microfinance Ireland (MFI) which has been published by the Department of Jobs, Enterprise and Innovation. MFI provides loans of up to €25,000 to businesses which employ 10 people or fewer and which are not able to access credit from traditional sources like banks. The report found that in its first two years of operations, MFI received 729 applications for loans, supported 743 jobs in 333 micro-enterprises, and approved loans valued at more than €5 million.

Small enterprises in Galway will have a better chance to gain access to funds following the signing of a new deal between Microfinance Ireland and the European Investment Fund.

There is some welcome news for small businesses in Mayo which have been refused credit by the banks. Under a new Government scheme, operated by Microfinance Ireland, the owners of ‘micro-enterprises’ and new start-ups can now apply through the Mayo County Enterprise Board for loans of up to €25,000.