Microenterprise Loan Fund Applications

Dáil Éireann Debate, Tuesday - 14 May 2013

Tuesday, 14 May 2013

Questions (318)

Tom Fleming

Question:

318. Deputy Tom Fleming asked the Minister for Jobs, Enterprise and Innovation the uptake of the micro finance scheme which was set up to assist small to medium size businesses to expand and develop their trade and workforce; the number of firms that have applied to date; the number of applications that have been successful; if there is any evaluation of the number of jobs that have been created by the successful applicants to date; if the micro finance scheme is being proactively promoted; the plan for awareness and simplifying access to the scheme and incentivising new and existing small businesses with revised better terms to generate more interest and a better take up by many small firms who are unsuccessful in obtaining necessary finances from the banks; and if he will make a statement on the matter. [23038/13]

Written answers

Minister for Jobs, Enterprise and Innovation

A full progress report on the operation of the scheme from 1 October 2012 to 31 March 2013 can be found on my Department's website (www.enterprise.gov.ie) and the Microfinance Ireland (MFI) website (www.microfinanceireland.ie). This report indicates that as at 31 March 2013 there were, 149 applications in total, of which 44 loans were approved with 116 jobs supported. 58 loans were declined, 2 were in appeal, 13 were withdrawn and 32 were still work in progress. Promotion and awareness raising are a matter for the company established to administer the scheme, Microfinance Ireland Limited. Under the Action Plan for Jobs 2013 Microfinance Ireland were required to draft a Publicity Strategy by end quarter 1 2013 and this has been achieved. Microfinance Ireland have undertaken a number of publicity and awareness raising activities since it began lending, including radio advertisements and attending local business network meetings. National radio advertisements run by Micro Finance Ireland have been prominent in recent weeks. In addition, the Minister for Small Business and I promote the scheme at every available opportunity, locally, regionally and nationally. I can assure the Deputy that I am keeping all aspects of the Scheme under on-going assessment and that I am obliged under section 22 of the Microenterprise Loan Fund Act 2012 to commence a review of the operation of the Act not later than two years after the date of the passing of the Act.