Tuesday 21 November 2017

Significant loan rate reductions for all entrants to Ireland’s Best Young Entrepreneur (IBYE)

The launch to find Ireland’s Best Young Entrepreneurs of 2018
The launch to find Ireland’s Best Young Entrepreneurs of 2018
Louise Kelly

Louise Kelly

All entrants to Ireland’s Best Young Entrepreneur (IBYE) competition are now being offered special discounted loan packages.

With only a few days left until the national battle's deadline closes, the new incentive for applicants has been revealed.

Every IBYE entrant can avail of MFI loan with 5pc rates and all 93 county winners will be eligible for MFI loan packages of 3pc.

Government funded not-for-profit lender MFI's offering - of up to €25,000 at special discounted fixed rates - is a significant reduction on its standard rate.

An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald welcomed the loan package for the entrepreneurs.

"Making micro-finance accessible for start-ups and small businesses is an essential element in fostering a culture of entrepreneurship," she said.

Read more: Do you have what it takes to be Ireland’s best young entrepreneur of 2018?

"The on-going collaboration between Microfinance Ireland and the Local Enterprise Offices through the IBYE competition is aimed at re-assuring young entrepreneurs that access to finance no longer needs to be an obstacle to starting or growing a business."

The IBYE competition is open to anyone between the ages of 18 and 35 and offers a €2 million investment fund through the Local Enterprise Offices.

Garrett Stokes, Chief Executive of Microfinance Ireland around 30pc of all their customers are in the youth sector.

"Supporting youth entrepreneurs, who wish to set up in business or who are at the early stage of their business growth, is a key element of our business objectives of supporting job creation across Ireland," he said.

The closing date for IBYE applications is Friday, 29th September 2017.

Further information and details are also available from the 31 Local Enterprise Offices nationwide through www.localenterprise.ie.

Information on Microfinance Ireland supports can be found at www.microfinanceireland.ie.

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