News

Library of Knowledge No. 43

A new Brexit Business Loan was announced on 23^rd November 2020 today by the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar T.D., to help small business prepare for Britain’s exit from the single market and customs union at the end of this year.

The introduction of the new Microfinance Ireland Brexit Business Loan will allow small firms whose turnover already is or is likely to fall 15% or more or if the business has a short term cashflow need as a result of Brexit, to take preparatory action for what could be some very difficult weeks and months ahead.

Product Features

• Loans from €5,000 – €25,000*
• Loan Terms from 6 months to 3 years** (shorter terms depending on purpose)
• Interest rate of 4.5% APR if submitted through the Local Enterprise Office Network or other referral partners or 5.5% APR if you apply directly
• No fees/charges or any hidden costs
• Fixed repayments with no penalty for early repayment

* Maximum credit exposure for all MFI borrowings is €25,000

**Depending on the term of the loan, interest only repayments for 3 months may apply in line with our standard products.

Eligibility.

• Any business* (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
• Unable to secure finance from a Bank or commercial lending provider
• Business turnover is or potentially could be impacted by a minimum of 15% OR the business has a short term cashflow need as a result of Brexit.

* While Businesses involved in Alcohol Production are deemed to be an excluded sector for MFI Loans, they are eligible to apply for an MFI Brexit Loan.

For further information see: https://microfinanceireland.ie/loan-packages-2/brexit

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