Friday, October 25 12:13:22
Microfinance Ireland, set up by Government to lend to commercially viable micro-enterprises that have been unable to get credit from banks, has so far supported 237 jobs, of which 118 are new.
Microfinance Ireland opened for business on 1 October 2012, to provide loans of between E2,000 and E25,000 to micro-enterprises employing 10 people or fewer and which have an annual turnover of E2 million or less.
It received its first loan application in November 2012 and the first loan was drawn down in December 2012.
So far, it has approved E1.62m in lending to commercially viable businesses that could not get credit from banks, supported 107 micro-enterprises with loans from E2,000 to E25,000 and supported 237 jobs, of which 118 are new jobs.
It now wants more applications from new and existing businesses.
Chief Executive Adrienne Murray said Microfinance Ireland is an important source of finance for entrepreneurs with a viable business but who have had difficulty getting credit from a commercial bank.
"We encourage any micro-enterprise - whether a new business or one that has been in existence for some time - that needs to borrow up to E25,000 to contact us if they have been unsuccessful with banks. We were set up to lend to these businesses and we have the funds and the appetite to lend to them," she said.
Ms Murray also said Microfinance Ireland wants to lend more and that it wants to see more demand for credit from commercially viable micro-enterprises.