We endeavour to work with businesses that may have had or are still having difficulties in getting finance from their own Bank. Personal and business bank statements (where applicable) help us to assess how you manage your affairs, can demonstrate your ability to make loan repayments and enable us to make an informed decision on your application.

MFI is legally obliged to conduct a credit search directly with the Central Credit Register (CCR) on behalf of Sole Traders, Partnerships and Limited Companies.  

The Credit Report is used to fully assess the debt position and repayment history of the borrower.

Applicants with a poor credit history are not precluded from applying to Microfinance Ireland.  However we review your credit report to consider how you are managing your existing debt and if you will be able to take on additional debt without putting yourself under financial pressure. 

Under the current rules of the Central Credit Register (CCR), MFI is legally obliged to conduct a credit search in the name of the borrower with CCR.

While MFI complete a credit search in the name of the limited company, we are precluded from undertaking a credit search in the personal names of Company Directors and/or Shareholders.

Therefore we request all Directors and Shareholders with a 25% or more shareholding in the company to obtain their own personal credit report from CCR and submit to MFI along with the limited company application.

Previous credit history or current debt issues (either business or personal) does not prevent you from applying to Microfinance Ireland. 

If you have existing debt issues, you need to tell us about it and also what arrangements are in place to address these debts with the relevant financial institution. We will require evidence of this.

Our aim is to support viable businesses and help in the creation and sustainment of jobs. So if you can demonstrate that you are dealing with your current debt issues and that your business has the capacity to repay a new loan, then we are willing to consider your application.

If you are dissatisfied with the credit decision, you do have the right to appeal through Microfinance Ireland’s internal credit appeals procedure for loans 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 sent to you within 15 business days of receipt of your written appeal.

Typically, if an application is declined, you will need some time to address the business issues or concerns that were raised during the credit application process. In general, we recommend that you wait for 6 months approx. before reapplying or until the issues raised have been addressed or resolved.