MicroFinance Ireland has supported 1,000 jobs in the small business sector since its inception in October 2012 by providing finance to micro-enterprises who have been unable to secure funding elsewhere. This year it aims to double that figure by supporting an additional 1,000 jobs.
MicroFinance Ireland lends to businesses who have 10 employees or less and a turnover of less than €2m per annum. After its second full year of trading, its portfolio of approved loans now stands at over €6m, and it has doubled its previously approved lending. Over 75% of lending by MicroFinance Ireland has been to businesses located outside Dublin and the average loan size is around €15,000.
Local Enterprise Offices
During 2015, MicroFinance Ireland will be working closely with the Local Enterprise Offices to promote the availability of funding to small businesses. MicroFinance Ireland also accept direct applications and are working closely with the Pillar Banks to make it easier for people declined by the mainstream banks to engage with MicroFinance Ireland.
Action Plan for Jobs
In Action Plan for Jobs, Government placed an emphasis on enhancing the availability of bank and non-bank initiatives to support the role of the SME sector, giving them every opportunity to access the funding they need. As part of Action Plan for Jobs 2012, Government provided €10million to enable MicroFinance Ireland to provide loan finance to micro-enterprises.
About Microfinance Ireland
Microfinance Ireland is a 100% owned subsidiary company of the Social Finance Foundation and is a private not for profit entity which has been mandated by Government to deliver its statutory based MicroFinance Loan Fund. Businesses from any sector can qualify for MicroFinance Ireland funding as long as they have less than 10 employees and a turnover of less than €2million per annum
- To date, some 430 micro-enterprises have benefited from MicroFinance Ireland loans.
- Three-quarters of the 1,000 jobs supported by MicroFinance Ireland funded projects are outside of Dublin
- The average loan size is around €15,000
- 75% of the micro-enterprises surveyed by MicroFinance Ireland say they plan to hire new staff this year