FAQs & How-To Videos
Q1. Who can help me with my application?
Your Local Enterprise Office, Local Development Company or other community-based Enterprise Centre may be able to assist you in preparing the documents required for your Application to Microfinance Ireland.
Alternatively you can call us on 01 2601007 and we will help point you in the right direction and get you the support you need.
Q2. Why do you require bank statements?
Q3. Why do you look for an Irish Credit Bureau (ICB) or Credit History check?
Q4. What if my credit history is poor due to difficulties with other debt?
Previous credit history or current debt issues (either business or personal) does not rule you out from applying to us.
If you have problems with existing debt, you need to tell us about them and also what arrangements you have made to help address these debts with the relevant financial institution. We will require evidence of this.
It is our mission to support viable businesses and help in the creation and sustainment of jobs. So if you can demonstrate that you are dealing with your current debts and that your business has the capacity to repay a new loan, then we are willing to consider your application.
Q5. If my application is declined by Microfinance Ireland, can I appeal the decision?
If you are dissatisfied with the credit decision, you do have the right to appeal through Microfinance Ireland’s internal credit appeals procedure for loans over €5,000. You should submit your appeal in writing directly to us setting out the basis for the appeal.
The Credit Assessor who was involved in the original decision will not be involved in the appeals decision. A written response will be sent to you within 15 business days of receipt of your written appeal.
Typically, if an application is declined, you will need some time to address the business issues or concerns that were raised during the credit application process. In general, we recommend that you wait for 6 months approx. before reapplying or until the issues raised have been addressed or resolved.