Microfinance Ireland (MFI) has today announced a record 50% rise in the number of loan applications during 2015.
 
The State backed not-for-profit lender to micro-businesses was established in late 2012 by the Department of Jobs, Enterprise and Innovation under the Action Plan for Jobs. To date, it has approved €11.6m in loans to 770 businesses.

A total of 752 businesses applied for loans in 2015, compared with 508 applications for 2014, an increase of 48%. The average loan size approved during 2015 was €15,190. 

MFI offers business loans of between €2,000 and €25,000 to companies with fewer than ten employees, with a turnover less than €2m. 
 
CEO of Microfinance Ireland, Michael Johnson claims two thirds of applications are coming from start-up businesses.

Johnson commented, "As part of our annual customer survey, small business customers are reporting high levels of satisfaction with the loan support MFI offers; results show that 85% would apply to MFI again for future funding, 95% were happy with the term and flexibility of payments on their loan, while 96% would recommend MFI to a friend or family."

Source: www.businessworld.ie