Published on
Minister Breen welcomes the publication of the Microfinance Ireland Quarterly Progress Report
€1.6m loans approved in Q1 2019
Microfinance loan funding supports over 5,028 jobs since 2012
Micro enterprises outside of Dublin account for 79% of loans since 2012
The publication of the Microfinance Ireland report for Q1, 2019 has been welcomed by Pat Breen TD, Minister for Trade, Employment, Business, EU Digital Single Market and Data Protection. The latest report shows that €29.6m of loans have been approved under the Microenterprise Loan Fund to date, €1.6 million in Q1 this year alone, supporting 5,028 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
I am very pleased with the continuing strong performance of the Microenterprise Loan Fund. This Quarter’s figures build on what was a busy year for Microfinance Ireland in 2018 with an increase of 9% in the volume of applications. It is encouraging to see that the demand for Microfinance Ireland’s services is continuing to grow which reflects the continued value of the initiative. MFI is important in providing an alternative source of funding. I had the pleasure last month of meeting with some of the borrowers who have benefited directly from MFI support and I would encourage microenterprises that are looking for finance to consider MFI’s offering. Those interested should contact MFI directly or through their banks or Local Enterprise Offices.
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.