Microfinance Ireland Financial Statements 2024 (Microfinance Ireland)

Summary

• In 2024 Microfinance Ireland approved €9.1m in loans to 517 small businesses, supporting an additional 910 jobs.p.5
• Since commencing trading in 2012, it has approved almost €93m in loans to 5,600 businesses, supporting almost 11,000 jobs.p.5
• In September 2024 the maximum loan amount was increased from €25,000 to €50,000.p.6
• The fund received 1062 applications in 2024 (2023: 994) seeking €21.6m in loans.p.8
• It approved 517 loans worth €9.1m in 2024, compared with 442 loans worth €6.6m in 2023.p.8
• The deficit on ordinary activities was €2,386,000 (2023: €103,000 deficit).p.14
• Government capital funding to date amounts to €49.8m, of which €27.8m remains on the balance sheet.p.9

Key insights

1. The increase in activity is largely due to the increase in the maximum loan amount to €50k in September 2024.p.8
2. The European Investment Fund guarantee that was due to expire in December 2025 has been extended to end 2028.p.9
3. In 2021 the fund signed a €30m 5-year loan agreement with the Strategic Banking Corporation of Ireland.p.9
4. Interest rates were increased by 1% to 6.5%, or 5.5% if an application is submitted through the LEO network.p.10
5. The direct channel accounted for c. 64% of all applications in 2024, and over 70% of applications came from outside Dublin.p.10
6. The fund disbursed 450 loans with a value of nearly €7.5m, up 13% in number and 24% in value on 2023.p.14
7. The Minister made an initial grant of €10m into the Fund, with further grant funding of €39.8m received up to 31 December 2022.p.13