Microfinance Ireland (MFI) has published its progress report for Q2, 2017. The latest report shows that almost €20m of loans have been approved under the Microenterprise Loan Fund to date, supporting 3,145 jobs in borrowing companies.

The reasoning behind the Government’s establishment of MFI in 2012 was that access to finance for microenterprises, in particular, was a major issue with the banks at that time continuing to decline loans in the microfinance space (i.e. loans of up to €25,000).

Commenting on the Report Minister Pat Breen stated: “I am pleased to see Microfinance Ireland continuing to develop and grow.  The loans it approves help to support micro enterprises across the country…This quarter has been particularly noteworthy, with Microfinance Ireland being awarded the European Code of Good Conduct by the European Commission during Quarter 2 which confirms Microfinance Ireland’s position as a best in class micro credit provider in Europe.”

The Microfinance Ireland Progress Report for Q2 2017 is available here.

For more information on whether a Microfinance Ireland loan is suitable for your business, read the fact sheet from SFA here, visit the Microfinance Ireland website or speak with your Local Enterprise Office.