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Local Enterprise Offices, having partnered with Microfinance Ireland, can now offer a tailor made loan product to small business clients. Photo: iStock

Securing a loan is one of the biggest hurdles faced by small businesses, but the Local Enterprise Office Microfinance loan has just been launched, which offers loans between €2,000 and €25,000 at a reduced rate of interest.

Under a new protocol between the Local Enterprise Offices and Microfinance Ireland, it is expected that up to 250 new applications for loan support will be received this year.

The loans are generally unsecured and can be used for working capital or for buying equipment, hiring new employees or for marketing campaigns.

EAGER TO SUPPORT

"Getting access to credit can still be difficult, especially for people looking to get new ventures up and running. We are very well placed to understand the needs of small businesses in our community, as the 'first stop shop' for anyone starting or growing a small business in the area.

"By partnering with Microfinance Ireland, Local Enterprise Offices can now offer a tailor made loan product to our small business clients, at a reduced rate for the term of the loan, in addition to our other enterprise supports," Michael Hanley of the Local Enterprise Office Cork North and West explained.

The CEO of Microfinance Ireland, Michael Johnson, said that around half of their loan applications already come through Local Enterprise Offices and they are keen to encourage more start-ups and small business owners to apply through this channel, as they have approved loans to 308 businesses to date, supporting 711 jobs.

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