Fine Gael Dún Laoghaire TD, Mary Mitchell O’ Connor, has welcomed this morning’s launch of the Government’s Microfinance loan fund. The fund will provide loans to small, commercially viable businesses that do not meet the risk criteria applied by banks. It will be administered by Microfinance Ireland and will cater to all industry sectors. The Microfinance Scheme will be open for business from next Monday, 1st October.
“I warmly welcome this new Microfinance loan fund, which will be a lifeline for small, growing businesses. Many small Irish firms are unable to access credit due to the banks’ risk criteria. This €90 million fund will help firms overcome these fundamental obstacles and enable them to develop their businesses. Businesses can qualify for loans of up to €25,000.
“These small businesses are of huge importance to the economy. However they face massive challenges in accessing credit. This scheme will is expected to benefit an estimated 7,700 small businesses over 10 years. This could help create 5,500 jobs.
“Businesses cannot grow without funding and I know of a number of small businesses which could benefit greatly from this initiative. I encourage small businesses which are looking to grow to consider applying for this scheme. Further details, guides and application forms can be found at County and City Enterprise Boards and at www.enterpriseboards.ie.
“We need these businesses to succeed and grow in order for our economy to return to prosperity. I am glad that this Government is championing small businesses and I congratulate Minister Bruton for this excellent initiative.”