Dáil Éireann Debate, Tuesday - 6 March 2012
219 Deputy Niall Collins asked the Minister for Jobs, Enterprise and Innovation if there is currently or proposed a seed capital scheme for small business start up; and if he will make a statement on the matter. [12412/12]
View answerA dynamic and healthy venture capital market is a prerequisite for the growth and development of high potential start-up companies in Ireland. Enterprise Ireland assists companies that wish to raise venture capital funding to grow their businesses, focusing on stimulating funding for companies that would have difficulty raising capital through traditional sources of finance. The agency's support for venture capital funds is undertaken through investment as a limited partner with other private investors on a pari passu basis. The management of these funds is in the hands of private sector Venture Capital fund managers who take investment decisions on a fully commercial basis.
Under the Seed and Venture Capital Scheme 2007-2012, Enterprise Ireland has acted as catalyst for the establishment of four Seed Capital Funds. These Funds have a total of €124m in seed monies under management. Enterprise Ireland can assist companies with contact details and specific areas of interest for the major Irish venture capital companies. In addition, the agency can assist with introductions to these specific venture capital funds.
Enterprise Ireland also continues to focus on the development of high potential start-up companies. This year, Enterprise Ireland is targeting the support of 95 High Potential Start Ups (HPSUs). Initiatives such as the Competitive Start Fund also provide critical early stage financing to entrepreneurs, while the €10m International Start-Up Fund encourages overseas entrepreneurs to locate start-up businesses in Ireland. Details of all these schemes are available on Enterprise Ireland's website, www.enterprise-ireland.com.
In November 2011 my colleague, the Minister for Finance, Michael Noonan, TD, announced a new Seed Capital Scheme to encourage individuals currently or formerly in employment to establish new business ventures. The scheme provides for a refund of tax already paid by an individual who sets up and takes employment in a new qualifying business. Further details are available from the Revenue Commissioners website, www.revenue.ie.
220 Deputy Terence Flanagan asked the Minister for Jobs, Enterprise and Innovation when the loan guarantee scheme will be in place to help entrepreneurs (details supplied); and if he will make a statement on the matter. [12142/12]
View answerWith regard to the Temporary Partial Credit Guarantee Scheme, an Operator has been selected through a public tendering process and will be contracted by my Department to act as the agent for the practical oversight, management and operation of the Scheme. Primary legislation to underpin the Scheme is being urgently progressed with the Attorney General's Office, and a Credit Guarantee Bill will be published during this Spring session. The Guarantee Scheme will go live as soon as possible following enactment of the legislation in Quarter 2, 2012.
Participating lenders will administer the guarantee scheme and make all decisions on lending. Businesses seeking to avail of the guarantee scheme can approach a participating bank as soon as the scheme goes live. The Department will play no role in the individual loan application or decision making process.
