1 / 9

Microfinance Ireland

Microfinance Ireland . Lorna Coleman Business Development Manager. Microfinance Ireland.

aldan
Download Presentation

Microfinance Ireland

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Microfinance Ireland Lorna Coleman Business Development Manager

  2. Microfinance Ireland Set up by the Government to provide loans to newly established or growing microenterprises, with commercially viable proposals that do not meet the conventional risk criteria applied by commercial banks. MFI is ‘additional’ lending which would not otherwise be provided by banks. Banks remain the primary and dominant supplier of finance to microenterprises. Loans to top up bank credit may be available in certain cases where it is clear that the business would not go ahead without MFI

  3. Definition of a Micro-enterprise? • Less than 10 staff & turnover < €2m • Estimated to account for over 90% of businesses in EU and Ireland • May be a start up or an existing business

  4. Loan Features

  5. Assessment Criteria • MFI will assess a loan application based on a number of criteria; • A realistic business plan including cash flow projections • Proven business models with prospect of near term cash flow • The number of new jobs and social impact • An interview with the entrepreneur to assess; skills, character, viability of the plan and commitment to the business • A financial commitment by the entrepreneur although not mandatory is desirable • Adverse credit history / absence of credit history will not preclude a loan provided there if full disclosure and evidence that debts have been dealt with honourably

  6. Supporting Documentation

  7. Microfinance Ireland Supporting the Government’s Action Plan for Jobs Business Activity • 276 jobs supported • €1.89m approved to 122 micro-enterprises • 46% approval rate • 59% start-up businesses / 41% existing businesses • 80% approvals to business with 3 or fewer employees

  8. How to apply to Microfinance Ireland CEBs (County & City Enterprise Boards) Direct Channel Applicants can choose to send in applications directly to - Microfinance Ireland Jefferson House Eglinton Road Donnybrook Dublin 4. www.microfinanceireland.ie • Through the nationwide network of 35 Local Enterprise Offices (CEBs) www.enterpriseboards.ie

  9. Application forms available from www.microfinanceireland.ie

More Related