Recent changes to the Microfinance Ireland application process, now means that even more small business owners can apply for a Microfinance Loan through Local Enterprise Offices. Under a partnership between Microfinance Ireland and the Local Enterprise Offices, business loans of €2,000 to €25,000 are available through your Local Enterprise Office. Offering a preferential interest rate and flexibility on repayment terms on the loan, companies must be less than 10 employees and a turnover of less than €2m to apply.
One of the hardest parts about becoming an entrepreneur or small business owner is figuring out how to manage finances. We've written before about how to actually finance your business, which involves managing equity, accumulating debts and loans, etc. All of this is meant for when the business is just getting started, and any cash flow is directed into making it happen. But what happens when a business is actually off the ground and begins to profit?
Chambers Ireland has today welcomed the announcement that Strategic Banking Corporation of Ireland (SBCI) loans will shortly be available through AIB and Bank of Ireland. Speaking this morning, Mark O'Mahoney, Director of Policy and Communications, Chambers Ireland said "The launch of this new source of loans is good news for Irish business. SMEs can now access lower cost, longer term loans for a wide variety of purposes. Irish SMEs have long been paying more for bank financing than their European counterparts and the SBCI will allow a broad spectrum of SMEs to borrow at an appropriate cost."
The award of €2.7 million in grant-aid to 18 seafood processing companies under the 2015 Seafood Processing Business Investment Scheme has been announced by the Minister for Agriculture, Food and the Marine, Simon Coveney TD. Taken in conjunction with private sector investment, the total investment will be almost €9 million in 2015. The supported projects are projected to deliver 145 Jobs and €41 million in additional sales by 2017. The grants are co-funded by the Department of Agriculture Food and the Marine and the European Fisheries Fund under the Seafood Development Programme.
Bank of Ireland Partners With the Strategic Banking Corporation of Ireland to Offer Competitive Funding for SMEs
Bank of Ireland announced today that it is participating in the Strategic Banking Corporation of Ireland's (SBCI) new lending scheme for SMEs and agri customers. The Banks' partnership with the SBCI will provide for a fund of €200 million, the full discount of which will be passed on to SME and agri customers. The fund will be available from 9 March 2015 and customers should contact their local branch or business centre.