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Mayo Fine Gael TD, Michelle Mulherin, has welcomed the findings of a review of Microfinance Ireland (MFI) which has been published by the Department of Jobs, Enterprise and Innovation. MFI provides loans of up to €25,000 to businesses which employ 10 people or fewer and which are not able to access credit from traditional sources like banks. The report found that in its first two years of operations, MFI received 729 applications for loans, supported 743 jobs in 333 micro-enterprises, and approved loans valued at more than €5 million.

Linked Finance, Ireland’s leading peer-to-peer online lending company, is delighted to announce that Beechlawn Organic farm, a business based in Ballinasloe will shortly secure funding of a loan of €20,000 via the Linked Finance platform. The business, which specialises in organic fruit and vegetables, will now invest the money in further development of the packing and office facilities, a down payment on a new refrigerated delivery van and a new computer for the office.

A series of seminars aimed at helping small businesses to access finance will begin next month.

Linked Finance, Ireland’s leading peer to peer online lending company, announced a loan of €20,000 to The Adventure Islands, a business based in Westport. The business, which specialises in outdoor recreation in Westport, will now be able to offer a clay pigeon shooting range as part of its activities, resulting in more jobs for the local area.

“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.

Social Entrepreneurs Ireland has announced their nationwide search for people who have progressive ideas and new solutions to solve some of Ireland’s social and environmental problems.

Small enterprises in Galway will have a better chance to gain access to funds following the signing of a new deal between Microfinance Ireland and the European Investment Fund.

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.