Q1. Who can help me with my application?

Your Local Enterprise Office, Local Development Company or other community-based Enterprise Centre may be able to assist you in preparing the documents required for your Application to Microfinance Ireland.

Alternatively you can call us on 01 2601007 and we will help point you in the right direction and get you the support you need.

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Q2. Why do you require bank statements?

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.

Q3. Why do you look for an Irish Credit Bureau (ICB) or Credit History check?

A copy of your Credit Report from the Irish Credit Bureau is required of your personal and business borrowings at the time of application. This is so we can see the full picture of your debt position and repayment history. Microfinance Ireland does not rule out applicants with a poor credit rating. However we do consider how you are managing your other debt to see if you will be able to repay a loan from Microfinance Ireland without putting yourself under more financial pressure. You can obtain a copy of your Credit Report from http://www.icb.ie/

Q4. What if my credit history is poor due to difficulties with other debt?

Previous credit history or current debt issues (either business or personal) does not rule you out from applying to us.

If you have problems with existing debt, you need to tell us about them and also what arrangements you have made to help address these debts with the relevant financial institution. We will require evidence of this.

It is our mission 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 debts and that your business has the capacity to repay a new loan, then we are willing to consider your application.

Q5. If my application is declined by Microfinance Ireland, can I appeal the 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 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.

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