Microfinance Ireland COVID-19 Business Loan

In order to apply for finance up to €50,000, the business must provide a declaration to Microfinance Ireland that they meet the following eligibility criteria:

  1. A minimum of 15% of actual or projected turnover or profit in the business is negatively impacted by COVID-19;

  2. The business is having difficulty in accessing finance from Banks and/or other commercial lending providers;

  3. The business has fewer than 10 full-time employees;

  4. Less than €2m annual turnover;

  5. Balance Sheet with Net Worth/Capital Account/Equity that does not exceed €2m.

Features of the loan

  • Business Loans up to €50,000 for eligible micro-enterprises (Businesses with less than 10 employees and up to €2m annual turnover) that are currently trading

  • Loans may be used for working capital and required business changes* as a result of COVID 19

  • Loan terms up to a maximum of 3 years*

  • Six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period

  • Interest rate of 4.5% if submitted through Local Enterprise Office and 5.5% if you apply to Microfinance Ireland directly

  • No fees and/or hidden costs with fixed repayments with no penalty for early repayment

* By exception, capital expenditure may be funded up to 5 years. Interest only period may be granted for a longer period.

Restart Grant for Small Businesses

The Department of Business, Enterprise and Innovation announced details of the Restart Grant for Small Businesses, applications for which can be made from May 22.

Micro and small businesses can apply for grants of between €2,000 and €10,000 to get their businesses up-and-running again during phase 1 & 2 of the Government’s Roadmap for Reopening Society and Business.

To avail of the Restart Grant, applicants must be a commercially rateable business and:

  • Have an annual turnover of less than €5m and have 50 or less employees;

  • Have suffered a projected 25%+ loss in turnover from 1st April 2020 to end June 2020;

  • Commit to remain open or to reopen if it was closed;

  • Declare the intention to retain employees that are currently on The Temporary Wage Subsidy Scheme

Applications are to be made via local authorities and are expected to be available from Friday, May 22 onwards.

Applicants are required to provide the following details as part of their applications:

  • Turnover in 2019

  • Outline the level of impact COVID-19 has had on workflow

  • Estimated value of turnover loss from 1st April 2020 to 30th June 2020

  • Estimated % turnover loss from 1st April 2020 to 30th June 2020

  • Number of employees in receipt of the Temporary Wage Subsidy Scheme (TWSS)

  • Number of employees in receipt of the Pandemic Unemployment Payment (PUP)

If you need any assistance in preparing your application, please do not hesitate to speak with our team.

Enterprise Support Grant for self-employed workers

This will provide business owners with a once-off grant of up to €1,000 to re-start their business which was closed due to the COVID-19 Pandemic.

Eligibility criteria is outlined as follows:

The Grant will be awarded to self-employed people who:

  • are tax and PRSI compliant

  • are not liable for commercial rates

  • have been in receipt of the COVID-19 Pandemic Unemployment Payment and have closed their claim after 25th June;

  • have reopened their business which was closed due to the pandemic

  • employ less than 10 people

  • have an annual turnover of less than €1 million

  • are not eligible for COVID-19 Business Restart Grant or similar COVID-19 business re-start grants from other government departments

  • can produce VAT receipts/invoices in respect of business re-start costs and expenses claimed.

Trading Online Voucher Scheme

The expanded Trading Online Voucher Scheme is designed to assist small businesses with up to 10 employees to trade more online, boost sales and reach new markets.

It offers financial assistance of up to €2,500 with co-funding of 10% from the business* along with training and advice to help your business trade online.

Businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.

Eligibility criteria is outlined as follows:

  • Limited or no e-commerce presence;

  • 10 or less employees;

  • Turnover less than €2m;

  • Applicant business must be trading for at least 6 Months**;

  • Business must be located in the area covered by the LEO to whom they make their application i.e. LEOs cannot accept applications from businesses located outside their jurisdiction.

**applicant business must provide clear proof of trading for a minimum of 6 months to their Local Enterprise Office

*For applications received from April 7th 2020 until September 30th 2020. Further eligibility, terms and conditions apply.

As with any of the information relating to COVID-19 support measures outlined on our website, should you require guidance on how to access the initiatives relevant to you and your business, please do not hesitate to get in contact with our advisory team.