merrion street

Enterprise Minister Richard Minister today announced that the €90million Microfinance Scheme will be open for business from Monday next, 1st October.

Applications from businesses and sole traders across all sectors employing up to ten people who have been refused credit by the banks for loans of up to €25,000 will be accepted and processed.

The Scheme will initially facilitate €40million in additional lending over the next five years with provision for the scheme to be extended to provide an additional €50million of lending over a further five years at that point.

The Minister made the announcement today at Dux & Co, a catering business which was established two years ago by John Coady and Leah Duxbury, which was refused credit from the banks, benefited from microfinance lending, and which has recently opened a café and now employs eight people.

Making the announcement, Minister Bruton said:

Government does not create jobs, people and businesses do. The role of Government, and the centre of our plan, is to make it easier for businesses to start-up, expand, succeed, and create jobs. The Government’s Microfinance Scheme, which will provide up to €90million in lending to 5,500 businesses which otherwise would not get credit, is a key part of this plan, and will help create over 7,700 jobs over the next ten years. As in the case of the Loan Guarantee Scheme, the Development Capital Scheme and the Innovation Fund, this is Government getting involved in filling gaps in the market and supporting viable businesses which can create the jobs we need.

Dux & Co provides an excellent example of the benefits of micro-finance to the economy. Two years ago John and Leah left office jobs and started their own catering business. As their business expanded they needed access to credit, and when they were refused by the banks they obtained microfinance lending. When I visited this premises three months ago they were preparing to open a café and take on new staff. Now they employ eight people and are open for business.

Today’s announcement represents delivery of a key commitment under Action Plan for Jobs 2012.

Further details, guides and application forms can be found at County and City Enterprise Boards and at

Read the full press release

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