Microfinance Ireland helps create hundreds of jobs in 2016

Not-for-profit government-funded lender, Microfinance Ireland lent €5.4m in small business loans throughout 2016, according to Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, resulting in the creation of almost 1,000 jobs in the process.

The lender distributed 397 small business loans last year, supporting either the creation or retention of 990 jobs. Since its formation in 2012, Microfinance Ireland confirms it has lent a total of €17m to Ireland’s small business community as part of the government’s Action Plan for Jobs.

Pat Breen, Minister for Employment and Small Businesses, responded positively to the regional spread of funding, with approvals sent to all 26 countries last year. The Microfinance Ireland results for 2016 show that loans were spread across the following locations: Dublin (73 loans), Cork (29 loans), Galway (26 loans), Tipperary (26 loans), Wexford (24 loans), Limerick (20 loans), Clare (18 loans), Longford (18 loans), Waterford (15 loans) and May (14 loans).

“These results are very positive for our microenterprises and startups throughout the country,” said Breen.

“I would encourage microenterprises in need of finance up to €25,000 to consult with their Local LEO about taking advantage of the Microfinance Ireland offering.

“I particularly welcome the positive employment numbers supported by Microfinance Ireland, which shows over 2,800 jobs supported since Microfinance Ireland was established.”

Ms Mitchell O’Connor said upon the launch of the 21016 Annual Results: “Every single job created in Ireland counts and helps to contribute to local and rural economies.

“I am particularly pleased to see the regional spread of loans, and note that there were approvals in every country in 2016.

“This is in line with the main Government priority of ensuring that there are 135,000 new jobs created in the regions by 2020.

“To secure the future development of Microfinance Ireland I obtained additional exchequer funding of €10m in December which will further support the fund.”

Date published 6 Feb 2017 | Last updated 6 Feb 2017