Our website uses cookies to enhance your browsing experience and to collect information about how you use this site to improve our service to you. By not accepting cookies some elements of the site, such as video, will not work. Please visit our Cookie Policy page for more information on how we use cookies.

What We Do

Microfinance Ireland COVID-19 Business Loan

The COVID-19 Business Loan from Microfinance Ireland is available to microenterprises that have been impacted by the coronavirus pandemic in Ireland.

Loans from €5,000 to €25,000 are available to microenterprises that meet the eligibility criteria for the COVID-19 Loan.

A microenterprise is any business with: 

  • fewer than 10 full-time employees
  • less than €2m annual turnover and
  • a Balance Sheet with Net Worth/Capital Account/Equity that does not exceed €2m

Existing MFI customers can apply for up to €25,000 by way of a COVID-19 Loan provided they meet the specific eligibility criteria for this product and their maximum lending exposure does not exceed €50,000 max. (including the loan now sought).

Eligibility criteria

To apply for a COVID-19 Business Loan, the business must meet the following eligibility criteria:

  • the business is a microenterprise
  • the business is unable to get finance from Banks and/or other commercial lending providers
  • the business is negatively impacted by COVID-19 by a minimum of 15% of turnover or profit

While all loan applicants to MFI must be able to demonstrate that they are having difficulties in accessing finance from Banks and/or other lenders, a formal Bank Decline Letter is not required.

Features of the COVID-19 Business Loan

  • Business loans from €5,000 to €25,000*
  • Six months interest free and repayment free moratorium, with the loan to be repaid over the remaining 30 months of the 36-month loan period.
  • Government rebate for the interest paid on the loan in months 7 -12 of loan)**
  • Loan terms up to a maximum of 3 years***
  • No fees and/or hidden costs
  • Fixed repayments with no penalty for early repayment

 * The maximum loan amount is €25,000 for all applicants. Existing MFI customers can apply for up to €25,000 subject to a maximum credit exposure of €50,000.

**The Government rebate of 6 months interest will be refunded automatically directly to your bank account in Month 13 of the loan. This interest rebate will only be made once the full 6 repayments including interest have been made in the previous 6 months.

*** By exception, capital expenditure may be funded up to 5 years. 

Interest rates

There are two interest rates applying to MFI’s COVID-19 Business Loans:

  • Businesses can apply through their Local Enterprise Office and avail of a discounted rate of 4.5% APR or
  • If they apply to MFI directly, a rate of 5.5% APR applies 

Excluded sectors

There are a number of sectors that MFI cannot support including Gambling, Tobacco, Illegal Economic Activity. Further information is available at microfinanceireland.ie/exclusions-covid19/

Application process

You can talk to a Business Advisor in your Local Enterprise Office

OR

Register at microfinanceireland.ie/covid19

The 31 Local Enterprise Offices (LEO) are available to help you if you need help with your application. You can find details of your LEO on localenterprise.ie/Find-Your-Local-Enterprise-Office/

Documentation required to be supplied includes:

  • COVID-19 Application Form*
  • COVID-19 Business Plan*
  • Cashflow Forecast*
  • 6 Months Bank Statements
  • Central Credit Register Report (CCR) **

*Templates available on microfinanceireland.ie/loan-packages/covid19/.

**For limited companies we require a personal credit report from CCR for all   shareholders and / or Directors with a 25% or shareholding in the Company.