Microfinance Ireland Raises €15m In Loan Funding

Microfinance Ireland (MFI) has raised a further €15m in loan funding to lend to micro-enterprises. The money has been raised through its parent company, Social Finance Foundation and will be used to assist businesses of less than 10 people. It has been raised from AIB, Bank of Ireland and Ulster Bank, and will allow MFI to expand its lending to micro-enterprises that have been unable to secure loans elsewhere.

Since its establishment, more than 1,000 jobs have been supported by Microfinance Ireland, through the approval of loans worth over €7.4m in approved lending to 484 micro-enterprises. This year, MFI has said it plans to double the number of jobs it is supporting to more than 2,000, by approving additional loans of €6m to start-up and existing micro-enterprises.

Welcoming the news, Business and Employment Minister Ged Nash said: "This announcement is very good news for micro-enterprises who have not been able to source loans through traditional routes and is a key element of the Government's response to ensuring that our small businesses have access to finance for growth.

"Microfinance Ireland has made a significant difference to hundreds of micro-sized companies and has helped support a thousand jobs, three quarters of which are outside Dublin. This new loan agreement will mean hundreds more companies can be supported to expand and create more jobs."

(JP)