Microenterprise Loan Fund Scheme Report Q1 2024 (Microfinance Ireland)

Summary

• Since its start, Microfinance Ireland has received 11,049 applications and approved loans worth €85.0M, an approval rate of 47%.p.2
• At the time, the fund provided loans of €2,000 up to €25,000 to microenterprises.p.2
• 4,617 loans have been drawn, with an average loan size of €16.4K.p.2
• In Q1 2024 the fund received 184 applications and approved €1.6M of loans, with an approval rate of 61%.p.3
• Q1 2024 loans supported 336 jobs in 121 micro-enterprises, with an average loan size of €15.4K.p.3
• 19% of loans went to Dublin and 81% to the rest of Ireland.p.3
• Female business owners accounted for 30% of applications year to date, compared with c.34% for 2023.p.4

Key insights

1. The fund has supported 10,703 net jobs in 5,198 micro-enterprises.p.2
2. 79% of approvals were granted to businesses employing 3 people or fewer, and 42% to start-ups.p.2
3. Applications from start-ups accounted for c. 50% of all applications and c. 40% of businesses funded in the period.p.4
4. There have been 8 appeals in 2024 and 3 of these cases have been approved on appeal.p.16
5. YTD 2024, 9 businesses of the fund's borrowers have failed.p.16