Dáil Éireann Debate, Wednesday - 22 May 2013
27. Deputy Michael Moynihan asked the Minister for Jobs, Enterprise and Innovation if he is satisfied with the operation of the credit guarantee scheme; the number of jobs it is supporting to date; and if he will make a statement on the matter. [24415/13]
View answerThe Credit Guarantee Scheme (CGS) began operating on 24 October 2012. As at 10 May 2013 thirty six (36) live CGS facilities have been put in place resulting in €3,661,100 being sanctioned through the scheme by participating lenders and it is expected that 190 new jobs will be created and 115 jobs maintained under these facilities.
My Department, the scheme operator, Capita, and the participating lenders have committed significant time and resources to the establishment and operation of this Scheme. The Minister for Small Business and I promote the scheme at every available opportunity, locally, regionally and nationally, as appropriate. The Scheme is demand led and the take - up of the Scheme is being closely monitored. My Department and Capita are currently actively engaged with the participating banks and the Irish Bankers Federation with regard to examining issues which may be affecting take – up of the Scheme.
The Loan Guarantee Scheme is one of a number of significant new initiatives introduced by this Government to help businesses access the credit they need. Each SME faces a unique combination of local economic conditions and complex relationships with customers, suppliers, and creditors. Hence I have not advocated a one-size-fits-all solution. This is just one initiative in a programme of strategic interventions which includes the Microfinance fund, the Development Capital Scheme and the Innovation Fund Ireland. These interventions are designed to improve access to SME finance, to aid economic recovery, and clearly shows this Governments’ determination to get our economy back on the right path.
Quarterly progress reports are published on my Department’s website www.enterprise.gov.ie. The latest progress report detailing the analysis and performance of the CGS for the quarterly period ending end 31 March 2013 is now available on my Department’s website.
