Discounted MFI Loans For IBYE Winners

24 Sep 2017 | 02.17 pm

Discounted MFI Loans For IBYE Winners

Entries for Ireland's Best Young Entrepreneur close on September 29

24 Sep 2017 | 02.17 pm

Microfinance Ireland is offering category winners in the 2018 Ireland’s Best Young Entrepreneur competition loans with an interest rate of 3%.

The closing date for competition entries is Friday, September 29.

IBYE is a €2 million investment fund competition to find and support Ireland’s young entrepreneurs, between the ages of 18 and 35. It’s run by the 31 LEOs and supported by the Department of Business, Enterprise and Innovation, and Enterprise Ireland.

Microfinance Ireland says it will offer special discounted loan packages of up to €25,000 at 5% APR for all entrants, while the 93 county winners will be eligible for further discounted MFI loan packages of 3%. MFI’s standard loan rate is 7.8%.

MFI chief executive Garrett Stokes stated: “Approximately 30% of all our customers are in the youth sector. Supporting youth entrepreneurs, who wish to set up in business or who are at the early stage of their business growth, is a key element of our business objectives of supporting job creation across Ireland.”

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 Startup Business (up to 18 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 18 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 Ire-land’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 as Ireland’s Best Young Entrepreneur for 2018.

 

Photo (l-r): Former IBYE winners and finalists Rhona Togher, Restored Hearing; Alvan Hunt of Hexafly; Samuel Dennigan of Strong Roots; and Niamh O’Neill (Pic: Joe Keogh)

 

 

 

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