Microfinance Ireland Microenterprise Loan Fund Scheme Report Q4 2023 (Microfinance Ireland)

Summary

• Since its start, Microfinance Ireland has received 10,865 applications and approved loans worth €83.0M, an approval rate of 47%.p.2
• 4,544 loans worth €74.6M have been drawn, with an average loan size of €16.4K.p.2
• In 2023 the fund received 994 applications and approved €6.6M of loans, with an approval rate of 46%.p.3
• 2023 approvals supported 577 jobs in 442 micro-enterprises, with an average loan size of €14.9K.p.3
• In Q4 2023 the fund received 227 applications and approved €1.5M of loans, with an approval rate of 45%.p.3
• Application volumes were c. 3.5% ahead of 2022, while the approval rate was c. 46%.p.4

Key insights

1. The fund has supported 10,403 net jobs in 5,077 micro-enterprises.p.2
2. The fund provides loans of €2,000 up to €25,000 to micro-enterprises.p.2
3. Applications from start-ups accounted for just over 48% of all applications and c. 39% of business funded.p.4
4. There have been 28 appeals in 2023 and 3 of these cases have been approved on appeal.p.15
5. YTD 2023, 68 businesses of the fund's borrowers have failed.p.15