The partnership between the Local Enterprise Offices (LEOs) and Microfinance Ireland (MFI) is an important element of the State's enterprise support infrastructure, combining access to finance with business development supports for microenterprises throughout the country.
LEOs work in partnership with MFI to promote and support the loan scheme through local marketing and outreach activities, supporting potential applicants, initially assessing the quality of business proposals and providing pre- and post-approval mentoring where required and agreed with the relevant LEO.
The table below sets out the number of applications and number of approvals submitted directly to Microfinance Ireland and the number submitted through referrals from the LEO network.
|
Year
|
Applications
|
Approval
|
% Approved
|
|
2012 - Direct
|
14
|
3
|
21%
|
|
2012 - LEO
|
45
|
9
|
20%
|
|
2013 - Direct
|
129
|
37
|
29%
|
|
2013 - LEO
|
175
|
81
|
46%
|
|
2014 - Direct
|
289
|
140
|
48%
|
|
2014 - LEO
|
171
|
112
|
65%
|
|
2015 - Direct
|
282
|
113
|
40%
|
|
2015 - LEO
|
408
|
220
|
54%
|
|
2016 - Direct
|
380
|
154
|
41%
|
|
2016 - LEO
|
433
|
223
|
52%
|
|
2017 - Direct
|
436
|
158
|
36%
|
|
2017 - LEO
|
369
|
178
|
48%
|
|
2018 - Direct
|
608
|
186
|
31%
|
|
2018 - LEO
|
329
|
158
|
48%
|
|
2019 - Direct
|
643
|
234
|
36%
|
|
2019 - LEO
|
328
|
169
|
52%
|
|
2020 - Direct
|
1381
|
666
|
48%
|
|
2020 - LEO
|
759
|
530
|
70%
|
|
2021 - Direct
|
756
|
285
|
38%
|
|
2021 - LEO
|
379
|
249
|
66%
|
|
2022 - Direct
|
587
|
220
|
37%
|
|
2022 - LEO
|
348
|
225
|
65%
|
|
2023 - Direct
|
641
|
230
|
36%
|
|
2023 - LEO
|
343
|
205
|
60%
|
|
2024 - Direct
|
597
|
238
|
40%
|
|
2024 - LEO
|
441
|
271
|
61%
|
|
2025 - Direct
|
688
|
160
|
23%
|
|
2025 - LEO
|
608
|
320
|
53%
|
|
2026 YTD* - Direct
|
424
|
113
|
27%
|
|
2026 YTD* - LEO
|
376
|
179
|
48%
|
The data shows that the applications submitted through the LEO network account for a significantly higher percentage of approvals compared with those submitted directly to Microfinance Ireland.
The 1% interest rate discount for MFI loans approved following referral from the LEO network aims to incentivise applicants to apply through the LEO network; this LEO engagement provides access to application support services and increased awareness of the wider range of business supports available through the LEOs. These supports include business planning assistance, mentoring and training programmes, which can help applicants to strengthen their business proposition and support the establishment, sustainability and growth of their businesses. Engagement between MFI and the LEO network helps to provide a seamless and continuous support experience for clients throughout the application process and beyond.
In the context of the increased support available for those engaging with the LEOs, it is not surprising to see a higher approval rate for applications made through the LEO network.
