INTEREST-FREE loans to entrepreneurs who have been turned down by banks are being offered by a charitable trust.
The Dún Laoghaire-Rathdown Trust Fund this week began to accept applications for loans of between €500 and €5,000 for those with a well-researched business idea.
Those with ideas for new or existing businesses in the Dún Laoghaire-Rathdown area in Co Dublin can apply for a share of the €50,000 fund.
Unemployed people, foreign nationals, people from a disadvantaged background or people with disabilities are particularly encouraged by the trust to apply for microfinance.
“Limited access to finance is one of the main barriers preventing people from disadvantaged backgrounds from setting up their own business,” Michael O’Connor of Siemens and chairman of the trust fund board said in a statement.
“Banks and government agencies simply aren’t in a position to help every business get off the ground,” Mr O’Connor added.
Some €50,000 for the microfinance scheme has been secured by the trust through grant-aid and small investment. However, it hopes to raise €500,000 over the next five years through corporate donations and fundraising.
The charity was set up in 2004 to specifically help people with experience in getting start up and expansion finance.
This is the first time applications for funding have been taken by the organisation, whose supporters include the Atlantic Philanthropies Director/Employee Designated Gift Fund, Dún Laoghaire-Rathdown County Enterprise Board and the Southside Partnership.
Application details for the scheme are available from the Dún Laoghaire-Rathdown Trust Fund at (01) 494 8400 or by e-mail to info@dlrceb.ie.
