Insights From the FMco Team

Business Supports during Covid19 crisis - Self Employed

The government have released a wide range of supports through the Department of Employment Affairs & Social Protection, Enterprise Ireland and have made finance available through the SBCI and Microfinance Ireland.

We will try and break it down into achievable steps and share our experience of the application process. So first we will look at a working capital and/or asset purchase loan available to the self-employed through Microfinance Ireland [Microfinance Ireland (MFI), is a not-for-profit lender, established to deliver the Government’s Microenterprise Loan Fund]. Microfinance Ireland Loan Scheme – Steps Self-Employed loan applications:

  1. Decide which loan meets your business needs, based on your own unique circumstances, see link to different applications: https://microfinanceireland.ie...
  2. Register your interest with microfinance Ireland, this must be filled out prior to submission of application - https://microfinanceireland.ie...

For a successful application, the following documents require completion and presentation:

  • Loan application form
  • Cov-19 business plan
  • Credit report – this will be carried out by MFI
  • 6 Months of business bank statements
  • 6 months of personal bank statements
  • Cash flow forecast.

All templates are attached, please don’t hesitate to contact FMCo. if you’d like our assistance in completing these.

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