Fine Gael TD for Dublin Fingal Alan Farrell has welcomed the announcement of a collaboration between Local Enterprise Offices (LEOs) and Microfinance Ireland, designed to support small businesses across the country. The LEO Microfinance Loan will see credit on offer to small companies employing 10 people or less, at a reduced rate of interest.
“I welcome the introduction of the LEO Microfinance Loan, which could be extremely beneficial to sole traders, micro businesses and small companies in Dublin Fingal.
“The Local Enterprise Offices (LEOs) were introduced by the Government to encourage job creation throughout the country. Measures like the LEO Microfinance Loans are a significant part of this plan, helping businesses to access credit. Companies previously refused credit by the banks may now be able to access the vital funds they need to purchase equipment, initiate new projects and employ extra staff.
“I encourage small companies in need of credit to apply for the LEO Microfinance Loans at their local LEO, which is in County Hall, Swords. They will be eligible to apply for loans of between €2,000 and €25,000 which could provide a real boost for a small company looking to expand or hire new staff.
“It is anticipated that up to 250 new applications for the loan support will be received this year alone. Based on predicted average loans of €15,500, the €3.8 million in lending is expected to support 500 jobs nationwide.
“The LEOs are delivering an improved and more efficient system of local enterprise supports to start-ups and small businesses around the country. Microfinance Ireland is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund, announced in the Action Plan for Jobs. It is great to see this collaboration between the two organisations, ensuring a holistic approach to supporting small business and job creation around the country.”