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Microfinance Ireland yesterday announced a record 50% rise in the number of loan applications during 2015. Approvals for start-ups, sole traders and small businesses have also reached an all-time high with the lender approving €5.4 million in funding to 357 businesses across every county in Ireland throughout 2015, lending that supported the creation and maintenance of 930 jobs last year.

To date, Microfinance Ireland has approved €11.6m in loans to 770 businesses. A total of 752 businesses applied for loans in 2015, compared with 508 applications for 2014, an increase of 48%. The average loan size approved during 2015 was €15,190. Microfinance Ireland loans have helped sustain and support a total of 1,821 jobs since the organisation’s founding in 2012.

 Interested in finding out how Microfinance Ireland works, and how to apply for a loan? Read on....

What does Microfinance Ireland do?

Microfinance Ireland wants to make it easier for businesses to start up, expand, succeed and create jobs. It is targeted at start-up or growing microenterprises across all industry sectors, working with businesses based in the Republic of Ireland, with less than 10 employees and a turnover of less than €2m.

Microfinance Ireland helps by providing unsecured business loans of €2,000 to €25,000 for commercially viable proposals that do not meet conventional bank risk requirements or have even declined bank credit.

Microfinance Ireland is a not-for-profit lender and aims to contact all applicants within 10 working days of their application.

How can I apply?

There are two ways of applying for a Microfinance Ireland loan. You can go directly to Microfinance Ireland or through your Local Enterprise Office. A strong business plan, realistic cash-flow projections and personal bank statements are required for applications. The Microfinance Ireland team and your Local Enterprise Office are more than happy to assist you in your application.

For more information

Check out Microfinance Ireland's website for more information.

Find your Local Enterprise Office.