19th October 2017
Microfinance Ireland marks European Microfinance Day, on October 20th 2017 by highlighting the availability of loan finance for small businesses
Now in its third year, European Microfinance Day aims to raise awareness across Europe about the existence and added value of the microfinance sector in supporting micro-enterprises start-up, scale-up or expand.
Tomorrow October 20th, events are taking place across all European member states which are organised by the European Microfinance Networks in co-operation with network members, including Microfinance Ireland. This year’s theme focuses on ‘FAIR FINANCE FOR ALL’ to raise awareness about the value of the microfinance sector to support individuals and businesses that may for one reason or another, be excluded from the traditional financial sector.
Pat Breen T.D, Minister for Employment & Small Business said: “Microfinance Ireland as a not-for- profit lender, 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. Making micro-finance accessible for start-ups and small businesses is an essential element in fostering a culture of entrepreneurship and enterprise in every community across Ireland. It is particularly well positioned to facilitate entrepreneurship among those with no regular engagement with mainstream credit providers. .”
Set up in 2012 by the Department of Jobs, Enterprise and Innovation (now the Department of Business, 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. Additional support is also provided to approve loan applicants through mentoring assistance delivered through the LEOs. Further information about the loan packages and mentoring service from Microfinance Ireland is available on www.microfinanceireland.ie.
ENDS
For media queries, please contact Engage Ireland:
Sarah Bohan at Tel: 01 4278388 / Email: sbohan@engageireland.com
Editors notes
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 3rd European Microfinance Day (#EMD2017) will be held on Friday October 20th 2017.
It aims to raise awareness of the microfinance sector in its fight against social exclusion and unemployment across Europe.
The event is supported by:
- 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
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