IFA Farm Business Chair Rose Mary McDonagh has welcomed the launch of the Brexit Business Loan by Microfinance Ireland, which is open to the agri-sector.
“The announcement of this product is timely and provides farmers with access to funding to cover their operating expenses during the ongoing uncertainty caused by Brexit. Beef farmers in particular have suffered severe income losses due to Brexit uncertainty, sterling volatility and the impact of COVID-19.”
Microfinance Ireland is making the Brexit Business Loan available to support small businesses through the current Brexit challenges. Loans may be used for short-term working capital and/or required business changes as a result of Brexit. Sole traders, partnerships and limited companies with fewer than 10 employees and annual turnover of up to €2m are eligible.
“In terms of eligibility, if your business turnover is currently, or potentially could be, impacted by Brexit by a minimum of 15%, or your business has a short-term cashflow requirement and you are unable to secure finance from banks and commercial lending providers, the MFI Brexit Business Loan may be an option to help your business.”
Loan amounts of €5k-25k are available and terms range from six months to three years. If you apply through your Local Enterprise Office or other referral partners, you can avail of 4.5% APR. If you apply directly to Microfinance Ireland, the interest rate is 5.5% APR.
Rose Mary McDonagh concluded by welcoming the extension of the COVID-19 Credit Guarantee Scheme to June 2021.
