Minister welcomes new loan supports for Ireland’s
young entrepreneurs
Young entrepreneurs entering ‘IBYE’ competition can apply for business loans
at preferential rates from Microfinance Ireland.
The Minister for Jobs, Enterprise and Innovation, Ms. Mary Mitchell O’ Connor T.D.,
has welcomed the announcement that every young entrepreneur entering this year’s
‘Ireland’s Best Young Entrepreneur’ competition can apply for discounted loans
through Microfinance Ireland.
By applying for the new IBYE business loan, young entrepreneurs aged between 18
and 35 can apply for up to €5,000 at a preferential rate of 5% APR, which is a
reduction of 2.8% APR on Microfinance Ireland's standard rate, for people applying
directly to them. The discounted loan package is designed to boost young
entrepreneurs’ access to credit, to help them set-up and grow their own businesses
faster.
Ireland’s Best Young Entrepreneur competition is run by all 31 Local Enterprise
Offices and the deadline to enter this year is Friday, October 14th. More than 1,400
entrepreneurs entered last year’s competition and all 2016 entrants are eligible to
apply for the new discounted loan.
Welcoming the announcement about the IBYE loan package, the Minister for Jobs,
Enterprise and Innovation, Ms Mary Mitchell O’Connor T.D. said: “Microfinance
Ireland is a key part of the start-up and microenterprise ecosystem in Ireland and this
is a very attractive offer of discounted loan financing for IBYE competition
applicants. This is a strong endorsement of the IBYE initiative and what it can
achieve by encouraging a culture of entrepreneurship and driving successful
business start-ups amongst young people all over the country. If you are aged
between 18 and 35 with a new business idea, new start-up or established enterprise,
there is still time to get your IBYE 2016 application in by Friday 14 th October.”
Garrett Stokes, Chief Executive of Microfinance Ireland, said: "Microfinance Ireland
wants to make it easier for businesses to start up, expand, succeed and create jobs.
That is why we are very pleased to support the 2016 IBYE competition. Our loan
finance offer of up to €5,000 at a discounted rate of 5% APR to competition
applicants recognises the ambition and potential that exists amongst Ireland's
younger entrepreneurs. If you are an IBYE 2016 applicant requiring loan funding to
establish or grow your business, I would encourage you to contact your Local
Enterprise Office and check out how Microfinance Ireland can help.”
IBYE is co-ordinated by the Local Enterprise Offices and Sheelagh Daly of the LEOs
said: “Access to loans at a discounted rate is another significant reason why more
young entrepreneurs should enter the IBYE competition this year. As well as
accessing the IBYE loan package through Microfinance Ireland, every entrant could
also win a share of the LEO €50,000 county investment fund or one of the hundreds
of places on offer at Regional Business Bootcamps.”
The loan offer is available to entrants across the three IBYE categories, which are:
Best Business Idea, Best Start-Up and Best Established Business and the
competition deadline to enter is Friday, October 14th.
Further details are available from the 31 Local Enterprise Offices nationwide, through
www.localenterprise.ie and from the IBYE website at www.ibye.ie. Information on
Microfinance Ireland supports can be found at www.microfinanceireland.ie
ENDS
For media queries, please contact Sarah Bohan at Engage Ireland
Tel: 01 427 8388 / 087 65 39936 / Email: office @engageireland.com
Notes to Editor:
About IBYE
www.ibye.ie
Ireland’s Best Young Entrepreneur is an enterprise initiative from the Department of Jobs, Enterprise and Innovation and
Enterprise Ireland, and run by the 31 Local Enterprise Offices around the country. A €2 million investment fund is available
through IBYE which supports young entrepreneurs through training, mentoring and direct financial investments. IBYE is open
to people between the ages of 18 (at date of application) and 35 (at 31st December 2016) with an innovative business idea,
start-up or established business including:
• individuals
• venture teams
• partnerships
• existing businesses with a new idea
• people overseas (including Irish emigrants) who will headquarter in Ireland
Each Local Enterprise Office (LEO) is running a competition in each county (Friday October 14th closing date) aimed at finding
winners in each of the three categories as well as an overall county winner. Each LEO will have a total fund of up to €50,000 to
invest in six businesses (three category winners and three runners-up) according to criteria including businesses’ investment
needs. The three categories are as follows:
Best Business Idea (pre-trading) – up to €10,000 investment fund through every LEO (€7,000 for category winner and €3,000
for runner-up, through every LEO)
Best Start-Up Business (up to 36 months), with up to €20,000 investment fund through every LEO (€15,000 for category
winner and €5,000 for runner-up, through every LEO)
Best Established Business (over 36 months) with up to €20,000 investment fund through every LEO (€15,000 for category
winner and €5,000 for runner-up, through every LEO)
The county winners will then proceed to eight regional finals from which 24 contenders (three from each region – one in each
category) will be selected to compete for the national title of Ireland’s Best Young Entrepreneur. A further €100,000 investment
fund will be available to invest in the winners of the three categories at the national final, one of which will also be named with
the prestigious title of Ireland’s Best Young Entrepreneur.
About Microfinance Ireland
www.microfinanceireland.ie
Microfinance Ireland (MFI), as a not-for-profit lender, has been established to deliver the Government’s Microenterprise Loan
Fund. Unsecured loans are offered from €2,000 up to €25,000, over a 3 to 5 year period. The European Investment Fund
signed a guarantee agreement for MFI’s loan book under Progress Microfinance, in 2013. Progress Microfinance is managed
by the European Investment Fund on behalf of the European Commission and the European Investment Bank.
MFI preferential rate for IBYE 2016 applicants:
Microfinance Ireland is offering loan finance of up to €5,000 at a discounted rate of 5% APR to IBYE competition applicants
who may require loan funding to help them establish and grow their business. This is a reduction of 2.8% APR on Microfinance
Ireland's standard rate, for people applying directly to them and a 1.8% APR reduction over the discount rate enjoyed by LEOsourced applications.
The IBYE loan offer is available to all applicants in the Best Start Up and Best Established Business categories until 31st
March 2017. For applicants entering the Best Business Idea Category, owing to the fact that it might take a bit longer to
commence trading, MFI is extending this loan finance offer until 30th June 2017 so that these applicants can apply for loan
finance when their business idea is closer to trading stage.