Brexit Business Loan

The Brexit Business Loan from Microfinance Ireland is available to support small businesses through the current Brexit challenges and protect job creation and sustainment in Ireland.

If your business turnover is currently or potentially could be impacted by Brexit by a minimum of 15%,  or your business has a short-term cashflow requirement and you are unable to secure finance from banks and commercial lending providers, the MFI Brexit Business Loan may be an option to help your business.

Loans may be used for short-term working capital and/or required business changes as a result of Brexit.

 

Product Features

  • Loans from €5,000 – €25,000*
  • Loan Terms from 6 months to 3 years** (shorter terms depending on purpose)
  • Interest rate of 4.5% APR if submitted through the Local Enterprise Office Network or other referral partners or 5.5% APR if you apply directly
  • No fees/charges or any hidden costs
  • Fixed repayments with no penalty for early repayment

* Maximum credit exposure for all MFI borrowings is €25,000

**Depending on the term of the loan, interest only repayments for 3 months may apply in line with our standard products

Eligibility

  • Any business* (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
  • Unable to secure finance from a Bank or commercial lending provider
  • Business turnover is or potentially could be impacted by a minimum of 15% OR the business has a short term cashflow need as a result of Brexit.

     

 

Support Information

See Application Documents below

 

 

Application Documents

You will need to complete and/or submit the following documents to apply for this Microfinance Ireland Loan:

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Loan Application Form

 

*Please save the application form to your desktop or downloads before completing the form. Otherwise you may lose information entered on the application form.

Credit Report - Central Credit Register

MFI will conduct a credit search directly with the Central Credit Register (CCR) for all applications in the name of Sole Traders, Partnerships and Limited Companies.

Important – For Limited Companies Only: Where an application is being made in the name of a limited company, all Directors and/or Shareholders with a 25% or more shareholding in the company must obtain a personal credit report which should be submitted with the application

Credit Report – Limited Companies Only

6 Months Bank Statements

Both personal and business, if available.