COVID-19 Business Loan

The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support small businesses through the current period of uncertainty and protect job creation or sustainment in Ireland.

If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing  finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.

In addition, Local Enterprise Offices in every county provide a range of business supports for micro-enterprises including business continuity and preparedness advisory supports connected to the COVID-19 outbreak. Contact your Local Enterprise Office for more information.

Product Features

  • Loans from €5,000 – €50,000
  • Supports businesses who have been impacted negatively by coronovirus in Ireland
  • Loan terms typically up to 3 years
  • First 6 months – 0% Interest & Zero repayments
  • No fees/no hidden costs/charges
  • Fixed repayments/no penalty for early repayment

 

Eligibility

  • Any business (Sole Trader, Partnership or Limited Company) with less than 10 full time employees and annual turnover of up to €2m
  • Not in a position to avail of finance from Banks and other commercial lending providers
  • 15% of actual or projected turnover or profit is negatively impacted by COVID-19

Support Information 

Application Documents

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

b

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.

l

COVID-19 Business Plan

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

i

6 Months Bank Statements

Both personal and business, if available.

Cashflow Forecast Template

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