Microfinance Ireland Quarterly Report Q4 2019: Microenterprise Loan Fund Scheme (Microfinance Ireland)

Summary

• Since October 2012 the fund has received 5,557 applications and approved €34.0M of loans, a 44% approval rate.p.3
• €29.1M of loans were drawn across 2,085 loans since inception.p.3
• In 2019 loan applications grew by 7% to 1,092.p.4
• In 2019 the approval rate improved to 42% and loans in excess of €6m were approved to 452 businesses.p.4
• Q4 2019 was a record quarter with 310 applications received and €1.7M of loans approved.p.5
• 22% of successful applicants are in wholesale and retail trade and repair of motor vehicles.p.3
• 1,222 jobs were supported in 2019.p.4

Key insights

1. The fund provides loans of €2,000 up to €25,000 to micro-enterprises.p.3
2. 83% of approvals went to businesses employing 3 people or fewer and 54% to start-ups.p.3
3. 21% of loans went to Dublin and 79% to the rest of Ireland.p.3
4. Q4 2019 approval rate was 46% and 666 jobs were supported in 133 micro-enterprises.p.5
5. Average loan size since inception is €14.1K.p.8
6. 1,373 sole traders, 875 private limited companies and 155 partnerships received loans.p.11
7. 74% of applications came from male promoters and 26% from female promoters.p.11
8. 297 appeals were made from inception and 48 were approved on appeal.p.12
9. Local Enterprise Offices referred 2,257 applications, 41% of all applications.p.13