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MicroFinance Ireland: What's Happening?

  • 25-03-2013 8:31am
    #1
    RustyRobo
    Registered Users, Registered Users 2 Posts: 16 ✭


    MicroFinance Ireland (MFI) has been trumpeted as one of the major instruments to get Ireland back to work. Offering start up loans to SMEs needing seed funding to get going once rejected by a bank.

    I have been instrumental in applying to MFI with a robust business plan, cash flow projections etc' for a start-up with very low risk to the investor and creating 4 jobs after 2 years.

    It has been rejected with no reason given as to why.

    This leads me to ask where this organisation has granted any funding at all to anybody.

    Does anyone out there know what their actually doing - or is this just another front?
    Tagged:


Comments

  • #2
    RATM
    Closed Accounts Posts: 3,591 ✭✭✭RATM


    Like a lot of initiatives in the governments 'Jobs Plan' my guess is that this is just another strawman.

    They promised 100,000 jobs by 2016 and here we are 2 years into that plan and the net delivery of jobs has been around 1,500. Says it all really.

    From what I can see the Troika tied their hands behind their back when it came to spending on job creation. So they have no money to actually make a tangible difference, this 5 years is all about paying off bondholders private debts. But they have to be seen to be doing something by the public so they can point to it come election time. That something is things like Microfinance but it is just another scam.

    Just look at the Springboard initiative- 5,000 training places were offered. Is 5,000 places really going to make any dent in 500,000 people unemployed ? No it isn't going to make squiddly difference. But at election time Bruton and Co and say we did XYZ and the RTE 'journalist' won't say 'but minister where's the actual jobs' and will give the Minister in charge a free ride as usual.

    The more things change, the more they stay the same.


  • #3
    The_Honeybadger
    Registered Users, Registered Users 2 Posts: 4,219 ✭✭✭The_Honeybadger


    RustyRobo wrote: »
    MicroFinance Ireland (MFI) has been trumpeted as one of the major instruments to get Ireland back to work. Offering start up loans to SMEs needing seed funding to get going once rejected by a bank.

    I have been instrumental in applying to MFI with a robust business plan, cash flow projections etc' for a start-up with very low risk to the investor and creating 4 jobs after 2 years.

    It has been rejected with no reason given as to why.

    This leads me to ask where this organisation has granted any funding at all to anybody.

    Does anyone out there know what their actually doing - or is this just another front?
    Surely they have to tell you why you were rejected? I have some experience in a related sector and know that if there is money there and a good application comes in it will be approved. They will have targets to hit in relation to money given out and jobs created etc so they have no incentive whatsoever to block a good proposal.

    I'm not totally up to speed on this particular programme but I suspect they didn't agree that your business plan is as robust as you say it is, or the scheme is oversubscribed.


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