START-UPS & MICROFINANCE: EMPOWERING START-UPS

John C Cranfield, Chief Executive, First Step Microfinance with Norma Smurfit founder of First Step Microfinance.

Many awards happen year after year in Ireland to award entrepreneurs for their endeavors but few manage to inspire and continue to churn out a breed of top successful young businesses that continue to grow and prosper. First Step Microfinance Business Success Awards 2006 do just that.

Founded in 1991 by Norma Smurfit, First Step Microfinance is a non profit making organisation providing microfinance for small business start ups. First Step Microfinance plays a unique role in Irish business in that it funds loans of up to €25,000 to individuals with no financial track record or collateral, and who therefore cannot access finance from conventional banking institutions. “Since launching, we have assisted more than 1,800 businesses and we estimate that these companies employ more than 5,000 people across Ireland” says CEO of First Step Microfinance, John Cranfield.

“Each year there are 30,000 new business start ups in Ireland (Ref. GEM 2006 Irish Report) and the majority of these are small, and expect to remain so. What First Step has proven is that there are many budding entrepreneurs with very good ideas who, with a little support and encouragement, can successfully start their own sustainable business. Our services also extend beyond funding to providing critical mentoring, business planning and networking support” adds John Cranfield.

WHEN AND WHERE

On the 20th November next, First Step Microfinance will host its annual Business Success awards luncheon at the Four Seasons Hotel, Dublin. The awards will showcase some of the entrepreneurs and businesses that have been assisted by First Step Microfinance. The guest speaker is leading Irish entrepreneur, Eddie Jordan. “First Step plays a vital role providing front line support for entrepreneurs who might not otherwise make their first step in setting up a business. Small businesses are the backbone of Irish industry and commerce and are often neglected when it comes to being recognised for their achievements” says Jordan.

2006 FINALISTS

The finalists for category, ‘New Entrepreneur’ are Olga Giliova, Taste of Home (Ethnic Food Shop Tipperary), Anne Sophie Laidain, founder of Fafie’s Galette, (French Creperie, Dublin), Anne Sophie Laidain, founder of Fafie’s Galette, (French Creperie, Dublin), Stephen & Brindin Bel, founders of Bumblebees, (Childrens Indoor Activity Centre, Donegal) And Ronan Buckley, Wine Dispense Systems, (Wine Preservation & Dispensing Technology, Limerick).

The finalists for category, ‘Established Entrepreneur’ are Sarah Hehir and Emily Sandford founders of Cocoa Bean (Artisan Chocolates, Limerick), Michael Lennon founder of MLennon Catering (Home and Corporate Function Catering, Dublin) and Mustapha and Patricia Aboubi, The Olive Tree (Eastern and Mediterranean Deli, Mayo).