State-backed fund Microfinance Ireland has opened its new €15m Covid-19 fund to support small businesses through the current period of uncertainty and to protect jobs that have been impacted by the coronavirus pandemic here.
Small businesses can apply for loans up to €25,000 for a three-year term with no repayments and no interest due for the first six months of the loan.
Repayments start in month seven but the interest paid in months seven to 12 of the loan will be refunded by Government in month 13, once all repayments in those six months are paid in full, giving 12 months interest free.
After unprecedented demand from micro-businesses, the initial Covid-19 Microfinance Ireland Loan was fully subscribed by July.