Louise O'Reilly
Question:295. Deputy Louise O'Reilly asked the Minister for Enterprise, Trade and Employment the funding provided to an organisation (details supplied) in 2023; and the projected funding for 2024. [29829/24]
View answerTuesday, 9 July 2024
Questions (295)
Written answers
There have been no funds assigned to Microfinance Ireland (MFI) in 2023 and no projected funding for 2024.
The Department of Enterprise, Trade and Employment has paid a total of €49.79 million in grant funding to MFI since its inception in 2012. This is made up of €25 million paid on establishment, €24.79 million in 2020, and €5 million in 2021 to fund the running costs and loan default related bad debts net of the European Investment Fund (EIF) guarantee.
At year end 31 December 2022, MFI has more than €30m in net assets.
Separately, in June 2021, MFI agreed a debt funding facility of €30 million with the Strategic Banking Corporation of Ireland (SBCI) which is a State body under the aegis of Department of Finance. This significantly increased MFI’s lending capacity and ability to assist more microenterprises.
Microfinance Ireland 2023 annual accounts will be published later this year.