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.

Step 1: Choose the loan package that suits your business


We have a number of Loan Packages available for your business:

Visit our Loan Packages page to see which one best suits your business needs. Click here to see what documents you need to include with your loan application.


Step 2: Prepare & submit your application


Once you know which Loan Package is right for your business, register your details here and we will send the relevant Application Pack to you.

Once you have completed all of the relevant documents, you can then submit your application in one of the following ways: 

  1. E-mail the application to us at applications@microfinanceireland.ie (PDF format please)
  2. Post the application to us at:
    Microfinance Ireland, 13 Richview Office Park, Clonskeagh Road, Dublin 14. D14 Y867
  3. Submit your application through your Local Enterprise Office. You can get a 1% reduction in the interest rate when you submit your application through the LEO.
  4. Work with a Local Development Company/Area Partnership.  You can also get a 1% reduction in the interest rate when you submit your application through them.
Step 3: We will assess your application

Once we receive your completed application we will assign it to an External Loan Assessor. They will discuss your application in detail with you and get a good understanding of the business. We aim to give you a credit decision as quickly as possible following receipt of your  fully completed application and all supporting documents.

Step 4: We will make a credit decision

We are here to help and support businesses who are having difficulty in accessing finance from elsewhere.  Therefore we will do everything we can to support you in your application for finance.

Once we have made a credit decision we will contact you to let you know if your application has been successful.

In the event that we cannot approve your application, we will advise you of the reasons for the decline decision and identify the areas that need to be addressed within your business.

Sometimes a ‘No’ is a much better decision for the business than a ‘Yes’ at a particular stage but we will always explain the rationale behind our decision.

If you are dissatisfied with the credit decision, you do have the right to appeal through Microfinance Ireland’s internal credit appeals procedure for loan applications over €5,000. You should submit your appeal in writing directly to us setting out the basis for the appeal.

The Credit Assessor who was involved in the original decision will not be involved in the appeals decision. A written response will be issued within 15 business days of receipt of the written appeal.

Step 5: We will draw down your loan

Once you receive loan approval, you will need to provide additional information in order to draw down the loan.  Depending on whether your business is set up as a Sole Trader, Partnership or a Limited Company, the requirements may be slightly different so check out the relevant checklist below.

The list of documents can be found here.

Drawdown of the loan cannot take place until all of these have been received by the Microfinance Ireland.

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