Dáil Éireann Debate, Wednesday - 30 September 2020
28. 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 number of Microfinance Ireland loans given repayment holidays until October 2020; and the number of these loans that are now falling due in each week in October 2020. [27491/20]
Amharc ar fhreagraThe Microenterprise Loan Fund, operated by Microfinance Ireland 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.
Microfinance Ireland provides vital support to microenterprises by filling the lending gap in the market by lending to business that cannot obtain loans from other commercial lenders. It lends to business that do not meet the conventional risk criteria applied by commercial lenders and applies interest rate charges for its lending which are not reflective of its credit risk.
There were 2,965 loans drawn under the Fund since its inception with a value of €49.5m.
Microfinance Ireland rescheduled 616 Performing Loans during March and April 2020. These loans were rescheduled to commence payments in October 2020. Repayments are collected monthly on the 15th of each month. The terms of the restructure were six months repayment free without any additional interest accruing, and the loan extended by six months.
