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Microfinance Ireland

Microfinance Ireland. 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

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Microfinance Ireland

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  1. Microfinance Ireland

  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 Co funded loans with banks are also available

  3. Definition of a Microenterprise? • Less than10 staff & turnover and/or Bal Sheet < €2m • Estimated to account for over 90% of businesses in EU and Ireland • May be a start up or an existing business

  4. Microfinance Ireland Supporting the Government’s Action Plan for Jobs Business Activity • 738 jobs supported • €5.1m approved over 325 micro-enterprises • 60% approval rate • 60% start-up businesses / 40% existing businesses

  5. Loan Features

  6. Action Plan for Jobs

  7. LEO / Microfinance Ireland Loan Product • Loan at 1% Discount compared to Direct Channel • Application assistance by LEO to client • Provision of mentoring as required • Local application Assessment with final decision resting with Microfinance Ireland

  8. 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 (may be by phone) with the entrepreneur to assess skills, character, viability of the plan and commitment to the business • 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

  9. Supporting Documentation

  10. Service Commitments • Assistance by LEO as required by loan applicant • Transparency with Client on Applications potential • Local assessment signed off by Head of LEO • 8 Day turnaround of completed applications at LEO level • 2 Day turnaround of LEO assessment by Microfinance Ireland and sign of by CEO.

  11. How to apply for a Microfinance Loan LEOs (Local Enterprise Offices) Direct Send completed applications with supporting documentation direct by post to Microfinance Ireland Jefferson House Eglinton Road Donnybrook Dublin 4. www.microfinanceireland.ie To Avail of the 1% discount on interest rate or To get assistance with the application process Drop in to your nearest LOCAL ENTERPRISE OFFICE www.localenterprise.ie

  12. Application forms available online www.microfinanceireland.ie www.localenterprise.ie

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