Dáil Éireann Debate, Wednesday - 30 September 2020
31. Deputy Louise O'Reilly asked the Tánaiste and Minister for Enterprise, Trade and Employment further to Parliamentary Question No. 49 of 17 September 2020, the breakdown of Microfinance Ireland loans; the number taken out post-Covid-19 or before March 2020; the value of loans issued post-Covid-19 or before March 2020; the number on repayment holidays issued on these loans; and the date the repayment holiday extends until in tabular form. [27494/20]
View answerThe Microfinance [MFI] Ireland Loan Fund assists businesses with fewer than ten employees. It provides much-needed funding to help microenterprises meet payments for stock, working capital requirements and other overhead expenses through the provision of low-cost lending facilities.
The MFI COVID-19 Loan Scheme assists businesses which have been impacted negatively by COVID-19 an includes a six-month repayment free moratorium and the equivalent of one-year interest free (subject to terms and conditions), with rates as low as 4.5% for the remaining period of the loan.
The COVID-19 Loan scheme has seen a very strong uptake in recent months, with €17.3 million in loans drawn by 659 businesses up to 24th September 2020.
A further 85 standard MFI loans with a value of €1.2m were drawn from 1st April up to 24th September 2020.
All COVID-19 loans are on six-month repayment holidays with repayments commencing in month 7 post drawdown.
Table – Breakdown of the number COVID-19 loans on payment holiday
|
Month loans drawn |
Number of COVID-19 loans drawn |
Month repayments commence |
|
April 2020 |
95 |
October 2020 |
|
May 2020 |
156 |
November 2020 |
|
June 2020 |
213 |
December 2020 |
|
July 2020 |
99 |
January 2021 |
|
August 2020 |
55 |
February 2021 |
|
September 2020 |
41 |
March 2021 |
|
Total |
659 |
- |
