27/09/2012

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.

(CD)

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