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News & Events

Small Businesses need both financial and non-financial supports to succeed!

Microfinance Ireland marks European Microfinance Day, October 20th by highlighting the benefits of its mentoring service along with their four loan packages tailored to meet the needs of small businesses in Ireland.

Understanding all aspects of managing a business is essential to its success and mentoring support can be nearly more valuable than the loan itself, according to Garrett Stokes, CEO of Microfinance Ireland. Mr Stokes was highlighting the upcoming ‘European Microfinance Day’, (on 20th October, 2016), by showcasing the benefits of Microfinance Ireland’s mentoring service along with their loan packages available for both new and established businesses.

Microfinance Ireland have recently updated their loan offerings to ensure that they continue to meet the needs of small businesses. Whether a business is just starting out, needs funding for day to day running costs, or is scaling up, Microfinance Ireland has a loan package to suit a customers’ needs.

Microfinance Ireland also offers expert mentoring assistance to approved loan applicants which is provided through the Local Enterprise Offices. Feedback from those who have availed of mentoring has been excellent, many saying that they “couldn’t believe how much their mentors had helped their businesses – often in ways that they hadn’t even thought of.”

Garrett Stokes commented, “While businesses constantly tell me that getting funding support for their business is very important,   I believe our mentoring assistance can be even more valuable for many new businesses than the loan itself. The combination of business loans from €2,000 up to €25,000 along with help and support from an expert mentor in areas such as finance, marketing and planning can make all the difference in helping small businesses succeed.”

These services are aimed at both start up and expanding businesses that employ fewer than ten people. Microfinance Ireland, set up four years ago as a government funded not-for-profit lender to help get more people starting or running small businesses and to create and sustain jobs in Ireland.

Pat Breen TD, Minister for Employment & Small Business said: “Microfinance Ireland as a not-for- profit lender, operating in every county in Ireland, plays a critically important role in providing loans to small businesses to give them the financial support they need to either set up or grow their business. The added support of mentoring services greatly assists the sustainability and success of these businesses and supports overall economic development and growth. Since Microfinance Ireland was established, they have approved loans to more than 1,000 businesses, located across every county in Ireland, helping sustain and create over 2,300 jobs. I would encourage micro-enterprises to apply for loans from Microfinance Ireland”.

On October 20th, events will be taking place across all European member states for European Microfinance Day. It is organised by the European Microfinance Networks in co-operation with network members, including Microfinance Ireland. This year’s theme focuses on the importance of non-financial services to help small businesses, such as mentoring.

Set up in 2012 by the Department of Jobs, Enterprise and Innovation, Microfinance Ireland works in partnership with the network of Local Enterprise Offices and the Local Development Companies, to offer business loans to small business. Further information about the loan packages and mentoring service is available on www.microfinanceireland.ie.                                                                                                                              

ENDS

For all media queries please contact

John Compton, Engage Ireland

Tel: 01 427 8388 / 087 2399394 / jcompton@engageireland.com

Notes to the Editor

Photography Note: Mark Stedman of Stedman Photography has been commissioned to syndicate reproduction-free images from this Microfinance Ireland announcement (Tel: 086 367 9394).

About Microfinance Ireland (MFI) www.microfinanceireland.ie: Microfinance Ireland (MFI), as a not-for-profit lender, has been established to deliver the Government’s Microenterprise Loan Fund. Microfinance Ireland benefits from a guarantee funded by the European Union under the Programme for Employment and Social Innovation(EASI).

 Microfinance Ireland Loan Packages

Start Up Loans: €5,000 - €25,000 for set-up and early stage trading business

Cashflow Loans: €5,000 - €25,000 for existing businesses to support cashflow and day-to-day running costs

Expansion Loans: €5,000 - €25,000 for existing businesses to support business development and expansion

Small Loans: €2,000 - €5,000 for small businesses (Start-ups and Existing Business) with low funding requirements

About European Microfinance Day

The 2nd European Microfinance Day (#EMD2016) will be held on Thursday, October 20th, 2016.

It aims to raise awareness of microfinance as a tool to fight social exclusion and unemployment in Europe.

 The event is supported by:

- The Luxembourgish presidency of the EU

- The European Commission - DG Employment, Social Affairs and Inclusion

- The EIB Group: European Investment Bank (EIB), European Investment Fund (EIF) and the European Investment Bank Institute (EIBI)

- The European Economic and Social Committee