Do you need help bridging a financial gap for your business, but the bank has turned you down? Don’t be disheartened; there are other sources of funding that might be able to help.
Quintas partner Yvonne Barry helps small to medium enterprises (SMEs) find funding when banks have said no. She’s a non-executive director of Microfinance Ireland, and also the Chairperson of Cork Foundation.
Microfinance Ireland (MFI) is a not-for-profit lender; established to deliver the Government’s Microenterprise Loan Fund. The fund forms part of a suite of financial schemes provided through the Department of Jobs, Enterprise and Innovation to help businesses across all industry sectors.
“Many people have start-up or growing enterprises that may be commercially viable and need a loan, but don’t meet the conventional criteria required by banks”, explains Yvonne. “MFI has a much higher risk appetite; and are not profit oriented so the parameters are different. Helping create or sustain jobs is at the heart of what we do.”
Launched a year ago, MFI provide loans up to €25k for business of fewer than 10 employees; with an interest rate of 8.8% to be repaid over 3 – 5 years.
You’ll still have to show evidence of cash flow; turnover and a solid business plan, you can apply directly or via your local enterprise board who will help you with the application process.
The Cork Foundation can also help by providing access to funds for investment in Cork enterprise.
With some impressively experienced strategic advisors on the board, the Foundation works on finding funding solutions outside existing models. A unique aspect of the Cork Foundation is that it is self-funded through contributions from the Cork/Irish Diaspora, Cork based businesses and philanthropists. We aim to connect contributors directly to private and community enterprises in Cork City and County.
“Applying for a loan is an arduous and daunting prospect; and being turned down is very dispiriting”, says Yvonne. “We’d like to see more people realise that there is funding out there”, says Yvonne, “Nobody is going to drop it into your lap; as with most things worth fighting for, it’ll take an extra bit of drive to get it over the line!”
An entrepreneurial spirit; a passion for your business and the commitment to make it work are what success stories are made of.
For further information call Yvonne Barry at Quintas on 021 464 1400
Article as recently featured in the Cork News.