• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        Key dates
        Book distribution
        Timetables
        FAE Elective Information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Reasonable accommodation and extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Main examination past papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 Reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Training firms update details
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • Overseas members
        Working abroad
        Working in Australia
        Overseas members news
        Tax for returning Irish members
      • In business
        Networking and special interest groups
        Articles
      • Public sector
        Public sector news
        Public sector presentations
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        CHARIOT/Institute Technical content
        TaxSource Total
        Audit Qualification requirements
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

News

  • Home/
  • News
☰
  • News
  • News archive
    • 2020
    • 2019
  • Press releases
    • 2022
    • 2021
    • 2020
  • Newsletters
  • Press contacts
  • Media downloads
  • Podcasts Chartered Accountants Ireland
  • Budget day news

Microfinance Ireland supports small business with lower rates on new loans (Sponsored)

Nov 16, 2021

Microfinance Ireland (MFI), the government supported not-for-profit lender to small business, recently agreed a new €30 million funding line with SBCI. As this facility is priced at a lower rate than its previous bank lines, MFI has reduced its rates from 7.8% to 5.5% APR for all new loans.

MFI is permitted to lend up to €25,000 to businesses with fewer than 10 employees and turnover of up to €25,000 who are having difficulty securing finance from traditional lenders. MFI has loan products to serve both start-ups and expanding small business who need funding for capex or working capital.

A recent CRIF Vision Net report highlights that new business registrations were very strong in 2021 and this has also been reflected in strong demand for MFI’s loan products. MFI is expecting this strong loan demand to carry into 2022 and its new SBCI facility provides it with plenty of liquidity to service this expected increase in demand at more competitive rates.

Microfinance Ireland CEO Des McCarthy says, “We are a lender to small businesses who are finding it difficult to source funding. We know that our target customers are served by the many small accountancy practices throughout the country. While the first port of call when advising their clients on funding should be the conventional funders MFI offers an alternative if the traditional funders cannot fund all or a part of the clients funding needs. Our government support and not for profit ethos allows us to accept a much higher risk appetite than the commercial lenders. We are also willing to co-fund with the other lenders which means that MFI may be an option if the traditional lenders risk appetite leaves a funding gap.”

MFI loans are fixed rate with a three-to-five-year repayment period. While the fixed rate provides certainty as to borrowing cost, MFI permits borrowers the flexibility to prepay at any time without penalty should cashflows be better than expected. MFI loans are unsecured and MFI does not charge any fees.

Our application process is straightforward. Once an application is received, we expect to have a decision within 10 business days. Our process involves the usual checks and business and financial review. We always speak directly to the borrower to understand their business and their motivation ensuring that they get the chance to make the best case for their business.

“While MFI does not have a formal referral arrangement with any accounting firms, we would encourage Chartered Accountants to contact us should their clients fall within our criteria. We are serving a specific niche of higher risk businesses. We believe that by working together with accountancy practices throughout Ireland, we can ensure that vital funding is channeled to those higher risk businesses that need it most, thereby supporting local enterprise and jobs which is a win for all involved.”

For further information on MFI and our products please visit https://microfinanceireland.ie/loan-packages-july-21/

This article is sponsored by Microfinance Ireland.

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.