Microfinance Ireland, a not-for-profit lender established by the Government to provide additional lending to small businesses, recorded a 50 per cent rise in the number of applications for funding last year.

The lender said approvals also reached an all-time high with the organisation approving €5.4 million in funding to 357 businesses across the country in 2015.

Microfinance Ireland said it has approved €11.6 million in loans to 770 businesses since it was established in late 2012 by the Government as part of its Action Plans for Jobs initiative.

Some 752 companies applied for loans last year, up 40 per cent on the 508 applications received in 2014. Two-thirds of those seeking funding from the organisations in 2015 were start-up firms.

The organisation offers business loans of between €2,000 and €25,000 to companies with fewer than ten employees, with a turnover less than €2 million.

A recent survey carried out by Microfinance Ireland indicates that 85 per cent of client companies would apply for further funding, while 96 per cent would recommend the lender to others.