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Microfinance Ireland COVID-19 Business Loan
From Department of Enterprise, Trade and Employment
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From Department of Enterprise, Trade and Employment
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The Microfinance Ireland COVID-19 Business Loan is available to microenterprises that have been impacted by the COVID-19 pandemic in Ireland.
Loans from €5,000 to €25,000 are available to microenterprises that meet the eligibility criteria for the COVID-19 Loan.
A microenterprise is any business with:
Existing MFI customers can apply for up to €25,000 by way of a COVID-19 Loan provided they meet the specific eligibility criteria for this product and their maximum lending exposure does not exceed €50,000 max. (including the loan now sought).
To apply for a COVID-19 Business Loan, the business must meet the following eligibility criteria:
While all loan applicants to MFI must be able to demonstrate that they are having difficulties in accessing finance from Banks and/or other lenders, a formal Bank Decline Letter is not required.
There are two interest rates applying to MFI’s COVID-19 Business Loans. Businesses can either apply through their Local Enterprise Office and avail of a discounted rate of 4.5% APR or if they apply to MFI directly, a rate of 5.5% APR applies.
You can talk to a Business Advisor in your Local Enterprise Office or register here.
The 31 Local Enterprise Offices (LEO) are available to help you if you need help with your application. You can find details of your LEO on localenterprise.ie/Find-Your-Local-Enterprise-Office.
Documentation required to be supplied includes:
**For limited companies we require a personal credit report from CCR for all shareholders or Directors with a 25% or shareholding in the Company.
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