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New type of loan for small businesses

The network of Local Enterprise Offices (LEOs) has joined forces with Microfinance Ireland (MFI) and launched a new type of loan support aimed at Ireland’s small business community called ‘LEO Microfinance’.

Start-ups and small businesses which employ fewer than 10 people can now apply directly to any of the 31 LEOs around the country for the new loan package. It offers loans of between €2,000 and €25,000 at a reduced rate of interest of 7.5% as opposed to 8.5% on a standard loan rate with flexible repayment options. It is expected that up to 250 new applications for the loan support will take place this year alone. Based on an average loan size of €15,500, this would mean €3.8m in lending.

For more information visit www.microfinanceireland.ie