The Microfinance Ireland (MFI) 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 and 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.
I recently introduced the Microenterprise Loan Fund (Amendment) Bill to provide for increased funding.
The Covid-19 Loan scheme has seen a very strong uptake in recent months, with €16.3 million in loans drawn by 615 businesses up to 31st August 2020 from phase 1 of the scheme. This represents three years of normal lending volumes for MFI in a period of just over five months. Importantly, with 77% of MFI’s lending to businesses outside Dublin, MFI provides an essential support for businesses who are hoping to reboot their economic activity over the coming weeks and months in every county in Ireland. I was pleased to announce the opening of phase two of the Covid-19 Loan Scheme on the 31 August.
The total value of loans drawn under the Microenterprise Loan Fund up to 31st August was €48.26 million by 2,958 businesses.
Breakdown on a county basis
Region
|
Number of Drawdowns
|
|
Value of Drawdowns
|
|
Carlow
|
51
|
2%
|
€890,495
|
2%
|
Cavan
|
72
|
2%
|
€882,736
|
2%
|
Clare
|
86
|
3%
|
€1,397,423
|
3%
|
Cork
|
240
|
8%
|
€3,837,630
|
8%
|
Donegal
|
81
|
3%
|
€1,338,392
|
3%
|
Dublin
|
669
|
23%
|
€11,739,477
|
24%
|
Galway
|
168
|
6%
|
€2,572,314
|
5%
|
Kerry
|
90
|
3%
|
€1,647,245
|
3%
|
Kildare
|
122
|
4%
|
€2,161,060
|
4%
|
Kilkenny
|
51
|
2%
|
€986,363
|
2%
|
Laois
|
63
|
2%
|
€896,187
|
2%
|
Leitrim
|
42
|
1%
|
€699,711
|
1%
|
Limerick
|
116
|
4%
|
€1,955,939
|
4%
|
Longford
|
41
|
1%
|
€633,749
|
1%
|
Louth
|
69
|
2%
|
€1,269,194
|
3%
|
Mayo
|
90
|
3%
|
€1,399,109
|
3%
|
Meath
|
124
|
4%
|
€1,852,629
|
4%
|
Monaghan
|
32
|
1%
|
€539,847
|
1%
|
Offaly
|
59
|
2%
|
€942,913
|
2%
|
Roscommon
|
62
|
2%
|
€841,995
|
2%
|
Sligo
|
56
|
2%
|
€812,645
|
2%
|
Tipperary
|
122
|
4%
|
€1,847,116
|
4%
|
Waterford
|
113
|
4%
|
€1,648,413
|
3%
|
Westmeath
|
80
|
3%
|
€1,262,495
|
3%
|
Wexford
|
157
|
5%
|
€2,598,629
|
5%
|
Wicklow
|
102
|
3%
|
€1,602,082
|
3%
|
Totals
|
2958
|
100%
|
€48,255,788
|
100%
|
As at end August MFI has loans totalling €29.88m outstanding representing 1,905 loan records. Of these, 84 borrowers have been in contact with MFI to say they need to discuss October repayments.
Breakdown of creditors on a county basis
Region
|
Number of Creditors
|
|
Current Balance Outstanding
|
|
Carlow
|
28
|
1%
|
€618,129
|
2%
|
Cavan
|
36
|
2%
|
€499,205
|
2%
|
Clare
|
55
|
3%
|
€878,567
|
3%
|
Cork
|
161
|
8%
|
€2,326,198
|
8%
|
Donegal
|
60
|
3%
|
€820,132
|
3%
|
Dublin
|
418
|
22%
|
€7,535,305
|
25%
|
Galway
|
107
|
6%
|
€1,575,260
|
5%
|
Kerry
|
67
|
4%
|
€1,178,744
|
4%
|
Kildare
|
75
|
4%
|
€1,294,035
|
4%
|
Kilkenny
|
32
|
2%
|
€599,454
|
2%
|
Laois
|
45
|
2%
|
€631,206
|
2%
|
Leitrim
|
24
|
1%
|
€386,996
|
1%
|
Limerick
|
69
|
4%
|
€1,023,635
|
3%
|
Longford
|
29
|
2%
|
€345,920
|
1%
|
Louth
|
49
|
3%
|
€813,961
|
3%
|
Mayo
|
55
|
3%
|
€830,896
|
3%
|
Meath
|
73
|
4%
|
€1,088,144
|
4%
|
Monaghan
|
20
|
1%
|
€376,372
|
1%
|
Offaly
|
39
|
2%
|
€630,375
|
2%
|
Roscommon
|
35
|
2%
|
€343,862
|
1%
|
Sligo
|
31
|
2%
|
€265,481
|
1%
|
Tipperary
|
73
|
4%
|
€1,034,759
|
3%
|
Waterford
|
83
|
4%
|
€1,127,778
|
4%
|
Westmeath
|
59
|
3%
|
€816,142
|
3%
|
Wexford
|
108
|
6%
|
€1,680,195
|
6%
|
Wicklow
|
74
|
4%
|
€1,159,252
|
4%
|
Totals
|
1905
|
100%
|
€29,880,003
|
100%
|