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Minister for Trade Employment Business EU Digital Single Market and Data Protection Pat Breen TD welcomes the publication of the Microfinance Ireland Quarterly Progress Report

• Microfinance loan funding supports over 4,400 jobs since 2012

• Micro enterprises outside of Dublin account for 79% of loans since 2012

• €1.3m loans approved in Q3 2018


Dublin, Ireland, 30 November The publication of the Microfinance Ireland Progress Report Q3 2018, has been welcomed today by Pat Breen TD, Minister for Trade, Employment, Business, EU Digital Single Market and Data Protection. The latest report shows that €26.7m of loans have been approved under the Microenterprise Loan Fund to date, supporting 4,407 jobs in borrowing companies. The Microenterprise Loan Fund is part funded by the Department of Business, Enterprise and Innovation.

Commenting on the Report Minister Breen stated “It is very encouraging to see that the demand for Microfinance Ireland’s services is continuing to grow. Microfinance Ireland supports microenterprises throughout the country through its suite of distinct loan offerings. Almost 80% of Microfinance Ireland loan approvals go to microenterprises outside of Dublin which is supporting the Government’s target of creating 135,000 jobs outside of Dublin by 2020. Importantly, most of its customers continue to be start-ups which, encouragingly, include growing numbers from such sectors as youth, unemployed, females, migrants and seniors. I congratulate the team in Microfinance Ireland for their continued good work”


ENDS

The Department of Business, Enterprise and Innovation (DBEI) plays a key role in implementing the Government’s policies of stimulating the productive capacity of the economy and creating an environment which supports job creation and maintenance. The Department also has a remit to promote fair competition in the marketplace, protect consumers and safeguard workers.

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Note for Editors

About Microfinance Ireland (MFI)

Microfinance Ireland is a not-for-profit lender established in 2012 to deliver the Government’s Microenterprise Loan Fund. Microfinance Ireland benefits from a guarantee funded by the European Union under the Programme for Employment and Social Innovation (EASI). Microfinance Ireland provides an alternative source of funding to micro-enterprises* – both new and existing - who may be having difficulties in accessing finance from commercial providers. It ultimately supports the creation and/or retention of jobs.
*Micro-enterprises are defined as any business with less than 10 employees and annual turnover of less than €2M.

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