MICRO FINANCE LOAN APPLICATION
Loans or upto €25,000 raised by application to Microfinance.
Microfinance Application Business Plan
Microfinance was created by the government in the context of many businesses that were turned down by the banks in 2001. For small enterprises, loans, or up to €25,000 raised by application to Microfinance.
The COVID-19 Business Loan from Microfinance Ireland is a government initiative.
It Support small businesses through the current challenges and protect job creation in Ireland. In this Paragraph, We discuss If your business impacted by COVID-19 and this resulting in a reduction of 15% in turnover. Moreover, unable to secure finance from banks. Then, MFI COVID-19 Business Loan may be an option to help your business. Above all, Microfinance Loan used for working capital required by the business to manage COVID19.
Importantly, Main document they seek is:
- Professional Business Plan.
- Cash Flow statements for First 12 Months
- Cash Flow Statements for 2 later years.
- Projected Profit and Loss Account.
- Management Accounts- If the business is already up and running
- Bank Statements
- Applications forms
- Debtors/Creditors Listing.
- Firstly Business based in Ireland.
- The applicant has a PPS number and has a tax clearance certificate.
- Business plan– a necessary piece for loan assessment.
- Bank refusal
- We assist businesses in preparing applications for Loans with Microfinance.
Firstly, The current rate applicable to loans is 8.8% (APR). A lower interest rate of 7.8% (APR) is applied to successful loans which originate
from the LEOs due to the perceived better quality of those applications.
Probability of Success:
- Firstly, 1,100 loan applications per annum,
- 50% MFI loan approval rate i.e 550 successful applications.
- Average loan €16,000 – btw €8 M- €9 M being granted per annum
- 20% bad debts.
- 58% of approvals were start-ups businesses < 18 months
- 42% of approvals granted to existing enterprises.