Interest rate cut good news for small businesses in Louth – Fitzpatrick

Fine Gael TD for Louth, Peter Fitzpatrick, has said that Microfinance Ireland (MFI) offering small businesses in Louth the opportunity to avail of a cut in its interest rates is great news. MFI is the not-for-profit Government Agency providing funded finance to micro-enterprises.

“Access to finance has been a big issue for small businesses in Louth and around Ireland in recent years. Microfinance Ireland is an effective response to this. Micro-enterprises can apply for loans of between €2,000 and €25,000 directly to MFI, or through their Local Enterprise Office. From the 1st of July, applicants to MFI can now avail of a standard rate of 7.8% APR, down from 8.8%.

“Since it was launched three and a half years ago, MFI has approved almost €14 million for small business, supporting thousands of jobs. MFI is proving very successful because it lends to business when the banks won’t.

“Another positive development for small businesses is the launch of a mentoring support program for MFI loan applicants, which will be provided through the Local Enterprise Office network.

“Fine Gael in Government is committed to continuing to support small businesses, who are the lifeblood of our local communities here in Louth and across Ireland.”