Thursday 16 August 2018

Almost €20m in loans approved under microenterprise loan fund

Minister of State for Employment and Small Business: Pat Breen
Minister of State for Employment and Small Business: Pat Breen
Ellie Donnelly

Ellie Donnelly

Almost €20m in loans have been approved under Irish microenterprise loan fund, according to the Microfinance Ireland report for Q2, 2017.

The loan fund, which supports small businesses with fewer than 10 employees, currently supports 3,145 jobs in Ireland.

The fund offers unsecured loans of between €2,000 and €25,000 for commercially viable purposes.

To-date almost 80pc of the loans it has provided have went to enterprises outside of Dublin.

Commenting on the report, Minister for Trade, Employment and Business Pat Breen, TD, said that he was pleased to see Microfinance Ireland continuing to develop and grow,

"The loans it approves help to support micro enterprises across the country. As we approach the 5th anniversary of Microfinance Ireland beginning its operations, it has so far approved €19.6m in loans, helping to support 3,145 jobs," Minister Breen said.

In addition Minister Breen noted that Microfinance Ireland has been awarded the European Code of Good Conduct award by the European Commission which he said confirmed its position as "a best in class micro credit provider in Europe".

"I congratulate Garrett Stokes, CEO of Microfinance Ireland and his team on achieving this prestigious award," the Minister said.

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