merrion street

Microfinance loan funding supports over 4,200 jobs since 2012

Micro enterprises outside of Dublin account for 79% of loans since 2012

€1.5m loans approved in Q2 2018

The publication of the Microfinance Ireland report for Q2, 2018 has been welcomed today by Pat Breen TD, Minister for Trade, Employment, Business, EU Digital Single Market and Data Protection. The latest report shows that €25.4m of loans have been approved under the Microenterprise Loan Fund to date, supporting 4,277 jobs in borrowing companies.  The Microenterprise Loan Fund is part funded by the Department of Business, Enterprise and Innovation.

Commenting on the Report Minister Breen stated

In its 6 years of operation Microfinance Ireland continues to show its support for our microenterprises throughout the country through its suite of distinct loan offerings. The exceptionally strong performance in application numbers which achieved record levels in both the last quarter of 2017 and in Q1 2018 has continued into this quarter. The quarter under report is the third strongest quarter in the history of the business. It is also worthy to note that almost 80% of Microfinance Ireland loan approvals go to microenterprises outside of Dublin which is supporting the Government’s target of creating 135,000 jobs outside of Dublin by 2020. I congratulate Garrett Stokes, CEO of Microfinance Ireland and his team on their continued good work

Note for Editors

About Microfinance Ireland (MFI)

Microfinance Ireland is a not-for-profit lender established in 2012 to deliver the Government’s Microenterprise Loan Fund.  Microfinance Ireland benefits from a guarantee funded by the European Union under the Programme for Employment and Social Innovation (EASI). Microfinance Ireland provides an alternative source of funding to micro-enterprises* – both new and existing - who may be having difficulties in accessing finance from commercial providers. It ultimately supports the creation and/or retention of jobs.

*Micro-enterprises are defined as any business with less than 10 employees and annual turnover of less than €2M.

The Department of Business, Enterprise and Innovation (DBEI) plays a key role in implementing the Government’s policies of stimulating the productive capacity of the economy and creating an environment which supports job creation and maintenance. The Department also has a remit to promote fair competition in the marketplace, protect consumers and safeguard workers.