Dáil Éireann Debate, Tuesday - 12 February 2013
343. Deputy Dominic Hannigan asked the Minister for Jobs, Enterprise and Innovation if there have been any further discussions within his Department regarding the possibility of a youth entrepreneurship fund being set up; and if he will make a statement on the matter. [6864/13]
View answerThe Government continues to monitor the requirements of all business sectors regarding access to finance and in that context will continue to assess the needs of youth entrepreneurs in the light of the operation of Microfinance Ireland, which opened for business on 1st October 2012. Microfinance Ireland are providing support in the form of loans of up to €25,000, available to start-up, newly established, or growing microenterprises employing less than 10 people, with viable business propositions, that do not meet the conventional risk criteria applied by banks. The Fund has a significant entrepreneurship focus and is open to all age groups, including youth entrepreneurs.
As this new source of start-up financing has only been available a short number of months, I consider it premature to make any decision on further funding initiatives targeted at a specific category of entrepreneurs.
Quarterly Progress Reports will be published on the Microfinance Ireland website www.microfinanceireland.ie. Microfinance Ireland are actively engaged in a publicity campaign to advertise their Loan Fund across the country, to ensure that all potential entrepreneurs who cannot avail of bank credit are aware of the Fund.
