Microfinance Scheme Is Open For Business

The Minister for Jobs, Enterprise and Innovation TD today [Thursday] announced that the €90million Microfinance Scheme will be open for business from Monday next, 1st October.

From next Monday, applications from businesses and sole traders across all sectors employing up to ten people who have been refused credit by the banks for loans of up to €25,000 will be accepted and processed. Further details, guides and application forms can be found at County and City Enterprise Boards and at www.enterpriseboards.ie.

The Scheme will initially facilitate €40million in additional lending over the next five years to businesses employing not more than 10 people, with provision for the scheme to be extended to provide an additional €50million of lending over a further five years at that point. Start-ups, sole traders and existing microenterprises will be eligible to apply for a loan under the scheme.

Over the lifetime of the ten-year Scheme it is expected that over €90million in additional lending will be provided to 5,500 micro-enterprises with the creation of an expected 7,700 jobs. The Scheme will be operated by Microfinance Ireland.


Related Northern Ireland Business News Stories
Click here for the latest headlines.

26 October 2011
Hamilton Reiterates Support For Small Businesses
Strangford DUP MLA Simon Hamilton has told an audience of business people in Lisburn that the Stormont Assembly must maintain its support for Northern Ireland's small business sector during these difficult times.
06 November 2015
Council Hosts 'Small Business Saturday Bus Tour'
Belfast City Council hosted the 'Small Business Saturday Bus Tour' at City Hall on Thursday, 05 November, which is touring the UK to highlight small business success and encourage people to 'shop local'.
13 March 2020
Coronavirus Business Interruption Loan Scheme
A loan scheme to support businesses interrupted by the coronavirus outbreak is to be up and running in the coming weeks, the Chancellor has announced. Detailing Budget 2020, Chancellor Rishi Sunak said the Coronavirus Business Interruption Loan Scheme will temporarily replace the Enterprise Finance Guarantee (EFG).
10 November 2015
Call For Rural Businesses To Prepare For Opening Of Investment Scheme
Rural businesses and communities are being encouraged to apply and prepare in advance for the launch of the Rural Business Investment Scheme. Rural Development Minister Michelle O'Neill was speaking at a Rural Business Investment Seminar in Aghagallon, Lurgan on Monday.
18 July 2012
Small Business Rates Relief Must Go Further - Durkan
SDLP Foyle MLA Mark H Durkan has said that Finance Minister Sammy Wilson’s review of the Small Business Rates Relief scheme must result in a new, improved rating process for businesses. Mr Durkan said: "I very much welcome Mr Wilson's announcement that he intends to review the Small Business Rates Relief scheme.