Reduction of interest rates on microfinance loans at Local Enterprise Office Galway

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Microfinance Ireland offers small business loans of between €2,000 and €25,000 in partnership with the Local Enterprise Office Network. This financial support aims to help small businesses establish, grow and maintain employment – ​​and local businesses can benefit from reduced interest rates if they apply for a loan from an MFI through the Local Enterprise Office Galway.

Microfinance Ireland is a not-for-profit lender, set up to provide the government’s Microenterprise Loan Fund. The MFI works closely with local business offices, providing loans to small businesses.

Loans can be used to finance costs such as start-up costs, working capital, purchase of stock, equipment, machinery or business expansion plans.

Businesses applying through Local Enterprise Office Galway can qualify for reduced interest rates of 4.5%, compared to 5.5% if applying directly to the MFI. Loan terms can vary from one to five years, and applicants can enjoy fixed payments, with no fees or charges, and no prepayment penalties.

Microfinance loans are available to any business (sole proprietorship, partnership or limited company) based in Ireland with fewer than 10 employees and an annual turnover of up to €2 million. Applications from businesses that have been unable to obtain financing from a bank and/or other commercial provider will also be considered.

The Local Enterprise Office Galway team are available to provide information and advice on the application process. Applicants will also be offered business support, advice and mentorship. For more information visit localenterprise.ie/Galway, email [email protected] or call 091-509090.

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