Microfinance Ireland benefits from support by the EGF Guarantee Instrument, implemented by the European Investment Fund with the financial backing of the Member States contributing to the EGF.
In the context of the COVID-19 pandemic, the EIB Group (the EIB and the EIF) was asked to enhance its operations significantly in support of EU-based companies affected by the crisis. Hence, the Pan-European Guarantee Fund (EGF) was established in response.
The EGF forms part of the overall package of measures agreed by the Eurogroup on 9 April 2020 and further endorsed by the European Council on 23 April 2020.
The objective of EGF is to respond to the economic impact of the COVID-19 pandemic by ensuring that companies in the Participating Member States have sufficient short-term liquidity available to weather the crisis and are able to continue their growth and development in the medium to long-term. The EGF, having a targeted size of EUR 25bn in case of contributions from all EU Member States, is managed by the EIB Group. Leveraging the initial resources, The EGF aims to generate up to EUR 200bn of additional financing.
Through EGF, the EIF have deployed a number of equity, debt funds and guarantee products in cooperation with selected financial intermediaries for the benefit of SMEs and Mid-Caps.
Microfinance Ireland provides loans from €2,000 to €25,000 to both startups and existing businesses that have less than 10 employees and annual turnover of less than €2m.
We can often help micro-enterprises by providing financial support in circumstances where they may be having difficulty in accessing credit from other commercial lending providers.
Click here to see how you can apply for loan finance from Microfinance Ireland.