Dáil Éireann Debate, Wednesday - 5 February 2014
79. Deputy Dominic Hannigan asked the Minister for Jobs, Enterprise and Innovation the number of microenterprises that have received funding through Microenterprise Ireland; the number of jobs this has created and the overall monetary investment; when the new communications strategy for the company will start; what the difference is between the new strategy and the old; and if he will make a statement on the matter. [5781/14]
View answerAs at 31 January, 2014 Microfinance Ireland (MFI) has received a total of 414 applications. Of these applications, 153 have been approved for loans ranging in value from €2k up to €25k and a total loan value of €2.37m being invested in microenterprises, supporting 338 jobs.
Since the Fund launched, the marketing and communication strategy for MFI has been continuously evolving and built upon in order to reach out to as wide an audience as possible. There has been extensive outreach and marketing activity by MFI at SME events throughout the country both with general SME audiences and sector specific audiences. During 2013 MFI attend the Ploughing Championships, the National Franchise expo, Enterprise Ireland and Bord Bia events, business training, breakfast briefings and one to one client events.
In addition to this there has been continuous promotional activity undertaken to raise overall general awareness of the scheme including national and local radio advertising, distribution of promotional leaflets at all events and the MFI website has been updated to improve customer service. MFI also engages closely with the Banks and the Credit Review Office to promote the Loan Fund to bank declined applicants and to cross refer suitable applicants to MFI.
In 2014, this marketing and communication activity will be built upon and extended out to other agencies and business representative groups who engage with smaller businesses including Local Development Companies, local Chamber groups and Accountancy groups. Social Media activity will also be built upon and local press will also be used to highlight successful MFI customer stories. MFI will also look to open up new channels for sector specific audiences that have particular challenges in accessing bank credit facilities and seek to tailor solutions for their particular needs in relation to borrowing funds for new and existing small businesses. Like with any new business with a national reach the communication strategy is a continuous process that is constantly reviewed to ensure best value for money, best fit with the relevant audiences and optimal use of both limited staff resources and promotional budgets and ongoing review of the product, process and customer target audience to ensure appropriate optimal fit for the product and the service. The environment in terms of SME demand for credit facilities continues to be challenging but where businesses have been declined bank credit facilities, MFI is committed to ensuring that all applicants with a viable business are given a full and fair assessment under their risk criteria.
