Microfinance Ireland to make an additional €30 million available to small firms
The European Investment Fund (EIF) has signed a second agreement with Microfinance Ireland (MFI) to support 2,100 micro-entrepreneurs under the European Commission's EU Programme for Employment and Social Innovation (EaSI). The EaSI guarantee, provided by the EIF, will enable MFI to provide an additional €30 million in loans to micro-borrowers including migrants and entrepreneurs over the next five years.
In a record year for the Government funded not-for-profit lender, figures released by Microfinance Ireland (MFI) show that demand for its services continues to grow, with application volumes up 10% in 2017. A record number of 400 loans totalling €5.5 million were approved in 2017, supporting the creation and sustainment of over 1,100 jobs. This brings to 3,952 the number of new jobs supported by MFI through €22.6 million in approved loans to 1,567 businesses since it was established as part of the Government’s Action Plan for Jobs in late 2012.
More information about Microfinance Ireland, including how to apply for an MFI loan, is available here.
Deirdre Parkinson, MFI Head of Marketing and Channels, will speak at the SFA Business Bytes event ‘Prepare for success: Essential advice for new and micro businesses’ this week. The event will take place from 5:30pm on Wednesday, 7 February in the Wood Quay Venue, Dublin 8. It is a free event and is open to SFA members and non-members. Please register your attendance in advance at the link above