Dáil Éireann Debate, Tuesday - 18 February 2014
340. Deputy Sean Fleming asked the Minister for Jobs, Enterprise and Innovation if he will list new organisations-agencies established in his Department since 9 March 2011; the role and functions and the annual operating budget for these organisations-agencies; and if he will make a statement on the matter. [7947/14]
View answerAs the Deputy will be aware, following enactment of the Microenterprise Loan Fund Act 2012, Microfinance Ireland was established as a private limited company in August 2012, as a subsidiary of the Social Finance Foundation and has charitable status.
Microfinance Ireland provides loans of up to €25,000 to start-up, newly established, or growing microenterprises employing less than 10 people, with commercially viable proposals that do not meet the conventional risk criteria applied by banks.
Under Section 5 of the Microenterprise Loan Fund, I made a grant of €10 million to Microfinance Ireland out of moneys provided by the Oireachtas. This payment was made in 2012 and covers annual operating costs.
