Reform of SME credit fund

Changes to the Government’s microfinance support fund were yesterday welcomed, with the improvements tipped to open the scheme up to more businesses and improve awareness among SMEs.

Businesses looking to access loans of up to €25,000 from Microfinance Ireland (MFI) will no longer require a bank refusal before being considered, as part of the changes unveiled yesterday.

For companies refused bank credit, however, an automatic referral system from the bank to MFI will be put in place to help boost activity levels.