Micro Finance Fund scheme will help small viable businesses access credit and create jobs

Fine Gael Dublin North TD, Alan Farrell has said that the Government’s Micro Finance Fund Scheme, introduced as part of the Jobs Action Plan will help new and small businesses access credit and sustain jobs.

“New and very small viable businesses can lack the collateral and credit track record to access normal bank credit. To combat this, Minister Bruton has announced a €20 million investment fund, Micro Finance Ireland, that will lend funds of up to €25,000 to viable small businesses and entrepreneurs. 

“Start-ups, sole traders and existing microenterprises with a staff of under ten people will be eligible to apply for a loan under the scheme.   

“Dublin North has a vibrant community of entrepreneurs and small businesses.  People who have a business idea,  but lack the capital to get it off the ground, whether they are unemployed or already in a job, will now be able to access the crucial finance that they need.

Nationally, this measure will create an additional 7,700 jobs. It will also form part of a series of measures aimed at encouraging more people to start a business as part of the Jobs Action Plan and has been welcomed by the Irish Banking Federation and Chambers Ireland.”

“The Micro Finance Fund Scheme is a key part of the Jobs Action Plan, and along with the Credit Guarantee Scheme and the Credit Review Office will help businesses employ more staff by encouraging banks to lend more by reducing the risk involved.”