eSPSV Business Loan

eSPSV Business Loan is available to support small business owners with a Small Public Service Vehicle (SPSV) that are unable to secure finance from Banks and Asset Finance providers and are availing of the government’s eSPSV Grant Scheme to replace their vehicle with a more sustainable model (electric/hybrid).

These business loans may only be used by SPSV registered owner(s) for the purchase/replacement of their vehicles that have already been approved grant funding under the eSPSV Grant Scheme 2021 administered by the National Transport Authority and are unable to secure finance from Banks and other commercial lending providers.



Product Features

  • Business Loans* from €5,000 to €25,000
  • Fixed 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.
  • Loan terms may be up to 5 years.
  • No fees or charges
  • Fixed repayments with no penalty for early repayment
  • Lending is unsecured**


* Funding availability to support the eSPSV Grant Scheme may be limited.

** Letter of Indemnity required for Limited Companies


  • Any  business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
  • Has been approved eSPSV grant to purchase electric/hybrid vehicle and grant funds have been lodged to Bank Account in Applicant’s name
  • Unable to secure finance from their Bank and also have a formal decline letter from an asset finance provider
  • Applicants must show that they have declared enough earnings with revenue to show that they are a full-time driver and also have the capacity to pay back the loan.


Terms & Conditions

SPSV owners who wish to apply for the eSPSV Loan must provide the following with their application: 

  • Written confirmation that

(a) the Grant has been formally approved and

(b) evidence that the approved grant has been lodged into a business bank account, in the applicant’s name*.

  • Certified true copy of valid SPSV Licence
  • Certified true copy of Vehicle Registration Certificate (Car owner only)
  • Certified true copy of Comprehensive Car/Taxi Insurance, in the owner’s/applicant’s own name, to operate as a SPSV Driver
  • Copy of Formal Decline from Asset Finance Provider

* If loan is approved, MFI loan funds can only be paid into a Business Bank Account in the Applicant’s Name 

Support Information

Application Documents

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

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.