Microfinance Ireland, the not-for-profit lender, is to offer a new loan to help companies experiencing short-term cash flow issues.
The government funded not-for-profit has launched a package of four new types of loans to start-up businesses, or businesses wanting to expand. The loans include a short-term “small” loan for between € 2,000 and € 5,000, with credit approval within 72 hours. Other options include a start up loans for between € 5,000 - € 25,000 for set-up and early stage trading business, and an expansion loan of € 5,000 - € 25,000 for existing businesses to support business development and expansion.
Microfinance Ireland also offers expert mentoring assistance to approved loan applicants which is provided through the Local Enterprise Offices.
" The combination of business loans from €2,000 up to €25,000 along with help and support from an expert mentor in areas such as finance, marketing and planning can make all the difference in helping small businesses succeed," Garrett Stokes, CEO of Microfinance Ireland, said.
Microfinance Ireland was set up four years ago as a government funded not-for-profit lender to help get more people starting or running small businesses and to create and sustain jobs in Ireland. Since then, it has approved loans to more than 1,000 businesses, located across every county in Ireland, helping sustain and create over 2,300 jobs. Microfinance Ireland works in partnership with the network of Local Enterprise Offices and the Local Development Companies, to offer business loans to small business.