Dáil Éireann Debate, Wednesday - 30 September 2020
30. 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 pre-Covid-19 or before March 2020; the value of loans issued pre-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. [27493/20]
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.
A total of 2,221 loans with a value of €30.8m were drawn under the Fund from its inception up until 31 March 2020.
MFI rescheduled 616 Performing Loans during March and April 2020. These loans were rescheduled to commence payments in October 2020. The terms of the restructure were six months repayment free without any additional interest accruing, and the loan extended by six months.
In addition, a further 97 loan restructures were completed to end June 2020 for Past Due Loans on individual terms, predominantly based on the terms outlined above.
