MICRO FINANCE IRELAND COVID-19 BUSINESS LOAN
If you are a SME that has suffered a loss arising from COVID-19 business disruption you are eligible to apply for a Microfinance Ireland Guaranteed loan via AIB, BOI or UB. Loans are 80% guaranteed up to €50k and have a deferred interest payment option.
How We Can Help
We can prepare the full application on the client’s behalf and submit to Microfinance Ireland for review. Letter of engagement will need to be in place before work commences and 50% of our fees paid up front and 50% paid once the application has been submitted to the bank for processing. It is important to note that we do not guarantee that the application will be successful.
The estimated fees to complete all the work below would be 2 days at €1,250 + vat per day (total €3,075), just on a time basis and there is a success fee of €1,250+vat for a successful drawdown.
I would also note that your local enterprise office is providing a grant for €2,500 re BCP, see Local Enterprise Office for more details which could be used as part of this application, to offsite fees.
The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current period of uncertainty and protect job creation or sustainment in Ireland.
If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.
In addition, Local Enterprise Offices in every county provide a range of business supports for micro-enterprises including business continuity and preparedness advisory supports connected to the COVID-19 outbreak. Contact your Local Enterprise Office for more information.
- Loans from €5,000 – €50,000
- Supports businesses who have been impacted negatively by coronovirus in Ireland
- Loan terms typically up to 3 years
- First 6 months – Interest & Repayment free
- No fees/no hidden costs/charges
- Fixed repayments/no penalty for early repayment
- Any business (Sole Trader, Partnership or Limited Company) with less than 10 full time employees and annual turnover of up to €2m
- Not in a position to avail of finance from Banks and other commercial lending providers
- 15% of actual or projected turnover or profit is negatively impacted by COVID-19
If you wish to complete an application please download the Declaration form, sign where indicated and return a copy to us for inclusion in the application