A record year for award-winning Microfinance Ireland as demand for small business loans continues to grow

  • Record number of applications in 2018 – first time breaking the 1,000 mark
  • 856 jobs supported in 2018 bringing the total number of jobs supported to 4,808
  • Supporting jobs at under €2000 each –  the cheapest of all Government initiatives.
  • Awarded ‘Best Finance Provider to Start-Ups and Micro-Enterprises’ in 2018 by In Business Magazine – Chambers Ireland

 

The success of Microfinance Ireland was acknowledged when we received a Recognition Award as ‘Best Finance Provider to Start-Ups and Micro-enterprises’. This award was given in 2018 by Chambers Ireland In Business Magazine. This is a very strong acknowledgement of the work that is done by the organisation. The majority of these businesses are very small and are the lifeblood of their communities, but some can struggle to access the funding they need through commercial lending providers.

Cyril Forbes said

As Chairman, I am delighted with the ongoing progress being achieved by the Executives of Microfinance Ireland.  MFI lends to those who cannot raise finance from conventional sources, based on our belief in people. Many of our customers are from vulnerable sectors such as youth, unemployed, females, migrants and seniors. MFI measures its success by the jobs created, the businesses supported and by the changes in peoples’ lives.”

Also commenting on the announcements, Microfinance Ireland CEO, Garrett Stokes, said:

“Microfinance Ireland is delighted that 2018 has been a year of record growth in application numbers.  This highlights the ongoing need for microfinance supports such as MFI for small businesses in Ireland who are either setting up or trying to expand.  None of these businesses were able to get finance from either banks or other commercial lending providers to support their business ideas. MFI plays a critical role in supporting these businesses and helping people fulfil their business dreams.”

About Microfinance Ireland

Microfinance Ireland provide small business loans to help start-ups and established businesses get the finance they need for their business. We provide business loans of up to €25,000 to Irish businesses. To find out more about what we do, click here

To find out if you are eligible to apply for a loan with us, visit our who we lend to page.

Keep up to date with the latest news from MFI by following us on social media

 

Read next | Taking Care of Business event

Read previous | MFI wins InBusiness Recognition Award 2018

Browse news content  | News