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Minister Breen congratulates Microfinance Ireland on being awarded Certificate of Compliance with the European Code of Conduct for Microcredit Provision

The Minister for Employment and Small Business, Mr Pat Breen TD, has today congratulated CEO Garrett Stokes and his entire team at Microfinance Ireland (MFI) on being one of the first European micro finance providers to be awarded the Certificate Of Compliance with the European Code Of Good Conduct For Microcredit Provision by the European Commission.

Commenting, Minister Breen said "This prestigious award by the European Commission acknowledges the high standard of MFI's business practices and its stewardship of Government funding and EU guarantees. It also reflects the high standards of corporate governance and financial probity of Irish public bodies in general."

The Government established Microfinance Ireland in late 2012 to provide loan finance to micro-enterprises unable to access it elsewhere. It has contributed a total of €20 million that will keep it in operation to 2022. MFI has also received funding from the Irish banking system, and the EU's Employment and Social Innovation Programme (EaSI) the objectives of which include supporting the provision of micro finance for micro enterprises across Europe.

Since its inception in 2012, MFI has sanctioned loans of just over €18m, and by so doing, has helped to create or maintain almost 3.000 jobs in Irish micro enterprises across the entire country.

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