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Microfinance loan funding supports over 3,300 jobs

Written by Robert McHugh, on 23rd Nov 2017. Posted in Ireland

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Pat Breen TD, Minister for Trade, Employment and Business, has today welcomed the publication of the Microfinance Ireland (MFI) report for the third quarter, 2017. 

The latest report shows that €21m of loans have been approved under the Microenterprise Loan Fund to date, supporting 3,336 jobs in borrowing companies. The Microenterprise Loan Fund is part funded by the Department of Business, Enterprise and Innovation.

MFI offers four separate loan packages ranging between €2,000 and €25,000 to start-ups or established businesses who want to scale up, all with no fees or hidden costs. Businesses given funding so far come from a diverse range of sectors, including Retail, Wholesale, IT, Hospitality, Transport, Professional Services, Social and Support Services, Construction and the Arts. MFI also offers expert one-to-one mentoring to approved loan applicants through Local Enterprise Offices.

Speaking today, Minister Breen said, "It is now 5 years since Microfinance Ireland first opened its doors and it continues to show its support for our microenterprises throughout the country through its suite of distinct loan offerings. It is also worthy to note that almost 80% of Microfinance Ireland loan approvals go to microenterprises outside of Dublin which is supporting the Government’s target of creating 135,000 jobs outside of Dublin by 2020.  I congratulate Garrett Stokes, CEO of Microfinance Ireland and his team on their continued good work."

Source: www.businessworld.ie

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