Additional€15millionto helpmicro-enterprises impactedbypandemic

AN additional €15 million has been allocated to a low-cost loan fund for micro-enterprises.

The Microfinance Ireland Covid-19 loan scheme is aimed at businesses with fewer than 10 employees, which have been impacted negatively by Covid-19. It provides funding to help micro-enterprises meet payments for stock, working capital requirements and other overhead expenses through the provision of low-cost lending facilities, which include a six-month repayment free moratorium and the equivalent of one year interest free, subject to terms and conditions. Interest rates can be as low as 4.5 per cent for the remaining period of the loan.

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said: ‘We’re looking at all the ways we can support enterprise during this really difficult time. This extra money will allow Microfinance Ireland reopen the Covid-19 Loan Fund. This fund has proven to be a lifeline for micro-enterprises over the past few months, where we’ve seen nearly 700 businesses with fewer than 10 employees avail of it. We’ve set out a really significant financial package in the July Stimulus and this loan scheme is another way we’re helping businesses to reopen, stay afloat or expand.’

According to the Department of Enterprise, Trade and Employment, up to €18.6 million was agreed to support 683 businesses up to the end of July, which represents three years of normal lending volumes for MicroFinance Ireland in a period of four months.

Companies interested in applying or finding out more information should visit www.microfinanceireland.ie.