General Scheme of the Microenterprise Loan Fund (Amendment) Bill 2023

This document outlines the heads of the General Scheme of the Microenterprise Loan Fund (Amendment) Bill 2023.

The 2020 Programme for Government commits to scale up Microfinance Ireland (MFI) so that it can support greater numbers of small businesses and start-ups in accessing finance. MFI has been a vital source of low-cost loans to vulnerable but viable micro enterprises.

The general scheme provides for an amendment to the Microenterprise Loan Fund Act 2012 as amended, to provide for the transfer of the ownership of MFI on commencement day from Social Finance Foundation (SFF) to the Minister for Enterprise, Trade and Employment and to put in place the related governance structures.

This will assist micro businesses and MFI in giving certainty to the continued availability of finance.   

This general scheme has been drafted on the basis of approval for the transfer of MFI into State ownership by government on 30 May 2023. 

The current legislation in place in respect of MFI includes: 

Topics: Supports for SMEs