Last Friday (22nd June), the Minister for Jobs, Enterprise and Innovation published the Microenterprise Loan Fund Scheme. The Bill, which will be debated in the Dail this week, will see over €90 million in additional lending being made available to 5,500 micro-enterprises which is expected to create 7,700 jobs over 10 years.

The Scheme will initially facilitate €40 million to businesses employing not more than 10 people over the next five years, with provision for the scheme to be extended to provide an additional €50 million of lending over a further five years. Start-ups, sole traders and existing microenterprises will be eligible to apply for a loan under the Scheme.

The scheme is designed to provide loans, up to the value of €25,000,  for commercially viable proposals that do not meet the conventional risk criteria applied by banks, such as the absence of collateral.

For more information on the Microenterprise Loan Fund Scheme, click here.