Kelly Welcomes Microfinance Scheme

Local TD Alan Kelly, Minister for Public Transport has welcomed the announcement by the Department of Jobs, Enterprise and Innovation’s that a €90 million Microfinance Scheme will be open for business from October 1, 2012.

Local TD Alan Kelly, Minister for Public Transport has welcomed the announcement by the Department of Jobs, Enterprise and Innovation’s that a €90 million Microfinance Scheme will be open for business from October 1, 2012.

“The Microenterprise Loan Fund is an innovative and significant proposal to assist start-up businesses, sole traders and existing Microenterprises”, says Minister Kelly. Many people have commercially viable proposals that do not meet the conventional risk criteria applied by the banks, including the absence of collateral. The government has come up with a scheme to make badly needed finance available to businesses employing fewer than 10 people” said Minister Kelly.

“The Microenterprise Loan Fund Scheme, has an initial budget of €40 million over five years, with provisions for another €50 million of lending over another five-year programme. The average value of loans given under the scheme should be around €16,000, with a ceiling of €25,000 placed on any loan. The Scheme will be operated by Microfinance Ireland”.

This announcement represents delivery of a key commitment under Action Plan for Jobs 2012. It is an opportunity to create jobs and get people back to work, he said.

Application forms for the Microenterprise Loan Fund Scheme are available from County Enterprise Boards.