Microfinance Scheme Open For Business - Hayes

Beginning on October 1st businesses will be able to apply for funding under the Government’s new €90 million microfinance scheme, according to local Fine Gael TD Tom Hayes. Deputy Hayes has said that applications from businesses and sole traders across all sectors employing up to 10 people, and who have been refused credit by the banks of up to €25,000, will be accepted and processed.

Beginning on October 1st businesses will be able to apply for funding under the Government’s new €90 million microfinance scheme, according to local Fine Gael TD Tom Hayes. Deputy Hayes has said that applications from businesses and sole traders across all sectors employing up to 10 people, and who have been refused credit by the banks of up to €25,000, will be accepted and processed.

“This launch by the Minister for Jobs, Enterprise & Innovation delivers on a key commitment under the Action Plan for Jobs 2012. This fund, which will be open for up to 10 years, is expected to finance around 5,500 small businesses and will create approximately 7,700 new jobs. The scheme itself will be operated by Microfinance Ireland.

“I have always said that Government does not create jobs, people and businesses do. That has never been truer than in rural areas around the country where small businesses are the heart and soul of the local economy. What I am hearing from business owners around the county is that there is a real problem accessing credit. Banks are unwilling to lend. That is why the Government have stepped in to try and fill that gap for some of these viable and vibrant businesses” Tom Hayes said.

Guides and application forms can be found at County and City Enterprise Boards or alternatively at www.enterpriseboards.ie.