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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 € 2million annual turnover and
  • a Balance Sheet with Net Worth/Capital Account/Equity that does not exceed €2 million

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.
  • 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.

** 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


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.