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There is some welcome news for small businesses in Mayo which have been refused credit by the banks. Under a new Government scheme, operated by Microfinance Ireland, the owners of ‘micro-enterprises’ and new start-ups can now apply through the Mayo County Enterprise Board for loans of up to €25,000.

Fine Gael Councillor Noreen Heston has urged small local businesses that have been refused credit by the banks to apply to the Government’s new Microfinance Scheme. The €90 million scheme has been available to businesses since the beginning of October. “This new scheme will be of huge benefit to small businesses in Mayo which have been refused traditional sources of finance. Any business or sole trader employing up to 10 people who have been refused by the banks for loans of up to €25,000 can apply. Over the 10-year lifetime of the scheme it is expected that over €90 million will be provided to 5,500 small businesses with the creation of up to 7,700 jobs,” Councillor Heston explained.

Elected representatives across the political divide in Mayo have been clamouring to welcome the microfinance fund of €90 million which was announced last week. According to the politicians the fund is good for business.

Galway companies and businesses are being urged to apply for the Government’s MicroFinance Loan Fund which came into operation this week.

Network Mayo is keen to see representatives of all types of business in Mayo at its March meeting which will feature Norma Smurfit, chairperson of First-Step Microfinance, as guest speaker. She will be speaking on First Step - Business Finance – a vital area for everyone in business, especially in modern times.

More than 300 credit unions will take part in this year’s poster competition, My Credit Union, My Choice, with the competition beginning this month.