MicroFinance Ireland has initiated business loans for micro-enterprises (turnover up to €2m and less than 10 full-time employees) who have been impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover/profit.
Loan features include:
- Loans from €5,000 - €50,000;
- Loan terms typically up to 3 years;
- First 6 months - 0% and zero repayments;
- Reduced interest rate 4.5% APR for LEO (Local Enterprise Office) applications and 5.5% APR for direct applications.
Businesses can apply through their Local Enterprise Office or directly on the MicroFinance Ireland website.