Up to 90% in extra loans for start-ups

The Government says itsincoming micro-enterprise loan fund scheme — aimed at improving lending facilities to start-up firms — will boost available credit by over €90m and create nearly 8,000 jobs over the coming 10 years.

The fund — one of two initiatives aimed at providing extra credit — is to be managed and operated by Microfinance Ireland, a subsidiary of the Social Finance Foundation.

It will be open to firms who have been turned down for funding by the banks. Along with the temporary loan guarantee scheme, it is set to become available in September.