This Government fully recognises the crucial role which the small business sector plays in the Irish economy and has made very significant progress in assisting that sector, particularly through the substantial reductions in its taxation burden which have been effected in successive budgets. Further evidence of the high level of commitment which exists is to be found in the inclusion in Partnership 2000 of a separate chapter on action to assist small business, which is an unprecedented step in recognition of the importance of this sector. I intend to progress the commitments contained in Partnership 2000 at the earliest possible date.
Over the coming months, I will be introducing several new initiatives for small business. As the Deputy will be aware, on 5 November last the Government gave formal approval to proposals submitted by me to have a prompt payment Bill drafted. The purpose of the Bill is to ensure the prompt payment of amounts due to suppliers of goods and services by public sector purchasers and by sub-contractors on public sector contracts. I will be bringing forward legislation on this issue at the earliest possible date.
Later this month I intend to publish my proposed strategy on services. The strategy will review the impact and growth of the services sector on the structure of production and employment in the Irish economy, and will examine the factors which affect the growth and development of services. It will also review the current balance and types of State supports to ascertain whether these are appropriate and adequate. As a large proportion of services businesses are small, the strategy will be of particular relevance in the context of small business.
I am currently reviewing the success of the access to finance scheme and identifying the scope for introducing new finance measures for small companies. All £208 million which was available under the AFS was fully drawn down by the end of 1996. One thousand four hundred small businesses benefited through subsidised long-term loans over a seven year period and 8,000 additional jobs will be generated in the process.
In the context of the strategic management initiative, work is already in train on the preparation of a broader strategy on administrative simplification to ensure a measured reduction in administrative burdens over time and, furthermore, to ensure that the administration requirements of new measures are kept to an absolute minimum. During 1997, I will also be taking steps to achieve progress in the area identified in Partnership 2000 for administrative simplification.