Govt offers lifeline for to firms refused bank credit

Small businesses finding it difficult to get loans are being offered a new lifeline by the Department of Enterprise, Jobs and Innovation.

The department is behind “Microfinance Ireland”, which can provide loans of up to €25,000 to businesses employing less than ten people, if they have been refused by a bank.

In the ten years of this initiative, which is being run in conjunction with the County and City Enterprise Boards, it is expected to assist 5,500 micro-enterprises, helping to create an estimated 7,700 jobs.