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 by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are unable to get finance from Banks or commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.
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
Reduced interest rate 4.5% APR for LEO applications and 5.5% APR for Direct applications
No fees/no hidden charges
Fixed repayments/no penalty for early repayment
Any business (Sole Trader, Partnership or Limited Company) with less than 10 full time employees and annual turnover of up to €2m
15% of actual or projected turnover or profit is negatively impacted by COVID-19
Not in a position to avail of finance from Banks and other commercial lending providers.
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
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