Microfinance Ireland Microenterprise Loan Fund Scheme Report Q4 2022 (Microfinance Ireland)

Summary

• Since its start, Microfinance Ireland has received 9,871 applications and approved loans worth €76.9M, an approval rate of 47%.p.2
• 4,147 loans worth €68.6M have been drawn, with an average loan size of €16.6K.p.2
• In 2022 the fund received 959 applications and approved €6.9M of loans, with an approval rate of 48%.p.3
• 2022 approvals supported 679 jobs in 458 micro-enterprises, with an average loan size of €15.1K.p.3
• In Q4 2022 the fund received 224 applications and approved €1.9M of loans, with an approval rate of 48%.p.3
• Loan drawdowns at 401 were 3% ahead of 2019, and the value drawn of €6m was c. 18% above 2019.p.4
• 18% of loans went to Dublin and 82% to the rest of Ireland.p.3

Key insights

1. The fund has supported 10,093 net jobs in 4,635 micro-enterprises.p.2
2. 71% 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. 42% of approvals and loans disbursed.p.4
4. There have been 52 appeals in 2022 and 19 of these cases have been approved on appeal (36%).p.16
5. YTD 2022, 87 businesses of the fund's borrowers have failed.p.16