Changes to Microfinance Ireland Good News for SMEs

Chambers Ireland 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, Mark O’Mahoney, Director of Policy and Communications, Chambers Ireland 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.

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For further information contact Amy Woods, Chambers Ireland on 01 400 4319, 086 6081605 or email amy.woods@www.chambers.ie