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

Minister Pat Breen with Cyril Forbes, MFI Chairman and Garrett Stokes CEO at the announcement of Microfinance Ireland's 2018 Annual Results

Cyril Forbes, Chairman Microfinance Ireland, Minister Pat Breen, Garrett Stokes CEO Microfinance Ireland

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.”