Changes to Microfinance Ireland Good News for SMEs


North Kildare Chamber today (01/04/15) welcomed the news that small businesses can now apply for a loan from Microfinance Ireland even if they have not been previously refused by a bank.

Speaking today, Allan Shine, CEO of the Chamber said, “Microfinance Ireland has always had the potential to be a great alternative source of funding for small business and start-ups but has been hampered by the requirement that an applicant business must have been refused finance by a bank before it is eligible for MFI finance. The removal of this requirement will open the scheme up and allow a greater number of innovative businesses access to credit and create jobs in our economy.”

“For those companies that have been refused bank funding, the new automatic referral system from banks to MFI will also streamline the application process and generate greater awareness of the scheme amongst start-ups.” he concluded.