Vol. 448 No. 3
176 Mr. Kirk asked the Minister for Enterprise and Employment his views on whether the introduction of a revolving fund for the development of small industry would be worthwhile; and if he will make a statement on the matter. [1920/95]
I am very conscious of the need to provide adequate sources of funding for the development of small industry, and industry generally, so that they can exploit to the full their business and employment potential. I am encouraged by the fact that over the past few years a number of beneficial initiatives have emerged to augment the level of funding for new and developing businesses. These include the creation of a network of county enterprise boards, the successful development of the enterprise loan scheme which grants bank loans to small business on favourable terms, the ICC loan subsidy scheme and the creation of significant private sector initiatives such as First Step and the Smurfit Job Creation Enterprise Fund. In addition, the business expansion scheme continues to be a valuable source of funding for developing businesses. There is provision in the recently announced Operational Programme for Industrial Development for structural fund assistance for seed-early stage investment in growth orientated firms. I am conscious also of a number of individual schemes introduced by the Associated Banks which show the beginnings of a move on their part to provide long term finance to business on favourable terms.
I note the Deputy's suggestion for a revolving fund. My Department will continue to monitor the needs of small industry, including the issue of funding. Where new measures or where amendments to existing measures are required. I will respond appropriately. No doubt the Deputy will also be aware of the measures outlined in the policy agreement between the Government parties which will enhance the development of small business.
