Working capital is the number one issue for small businesses - Mullingar Chamber

“Micro Finance Ireland allows micro-enterprises to get working capital in an easy and cost-effective manner. Over €3.5 million has been approved by Microfinance Ireland to just over two hundred micro-enterprises. That working capital is supporting almost 500 jobs. It is great to see this support for small business and a brilliant briefing to have ahead of Mullingar Chamber’s AGM,” according to Pat Whelan, chamber president.Pat was speaking at the Micro Finance Ireland (MFI ) business briefing to chamber members recently.

“Microfinance Ireland was launched to provide loans from €2,000 up to €25,000 to enterprises with less than 10 employees and with a turnover of less than €2 million per annum.

“The loan fund exists to provide support to businesses that have formally or informally been declined credit or sufficient credit by their bank. The objective is to support the maintenance and creation of jobs in local communities throughout Ireland. New start-ups and existing businesses set up as sole traders, partnerships or limited companies are all eligible to apply,” explained Pat.

Lorna Coleman, business development manager, Microfinance Ireland came to Mullingar to give the briefing ahead of the chamber AGM.

“MFI offers one simple product for both working capital and capital expenditure and the same interest rate of 8.8 per cent APR fixed is charged regardless of the purpose of the loan. This fixed interest rate offers both good value and certainty for customers that their monthly repayments will not change,” Lorna told the meeting.

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