Our Application Process
Whether you’re just starting out, need finance to manage your business, or you are scaling your business up. Microfinance Ireland may be able to give you the financial support you need. The process is straight forward and is explained in detail in our Application Guidelines.
We provide unsecured business loans to small businesses based in the Republic of Ireland. Your business must have fewer than 10 full-time employees and an annual turnover of less than €2m (micro-enterprises) and unable to secure finance from Banks or other commercial lending providers.
MFI does not take security for loans. Where MFI lends to a Sole Trader or a Partnership, the promoter(s) – i.e. the business owner(s) is/are personally liable to repay the loan with interest.
The same principle of personal liability applies where a promoter uses a private company limited by shares to borrow. To achieve this, a Letter of Indemnity is required by MFI to be signed by the promoter(s), (typically, 25%+ Shareholders and/or Executive Directors) to also confirm that they are personally liable to repay the company’s loan with interest. An Indemnity is not classified as either a Personal Guarantee or a Security.
All applicants must also be in a position to obtain a Tax Clearance Certificate in order to draw down a loan.
Our team are on hand to provide help to applicants when applying for a loan Contact Us
The 4 steps below show the process involved when applying for a loan with Microfinance Ireland.