Dara Calleary
Question:384. Deputy Dara Calleary asked the Minister for Jobs, Enterprise and Innovation when the review of the microenterprise loan fund scheme will be completed; and if he will make a statement on the matter. [41433/14]
View answerTuesday, 4 November 2014
Questions (384)
Written answers
My officials have been actively engaged in discussions with stakeholders, representative organisations, the various banks, the credit union movement, Microfinance Ireland and the Local Enterprise Office on the review as committed to in Section 22 of the Microenterprise Loan Fund Act 2012 over the last 3 months.
A range of topics have been raised during these discussions which included, interalia, removal of the requirement of a rejection from the bank, an automatic referral system for rejected bank applications, loan terms, loan limits and improved promotional and marketing opportunities.
My officials are currently holding their final meetings as part of the review process and will be finalising the review as expeditiously as possible.
I would like to point out that Microfinance Ireland continues to lend to the microenterprise sector and the most recent figures show that up until the end of September 2014 it had received over 729 applications and had a 57% approval rate. The approval rate for businesses employing 3 people or fewer stands at 83% with a 58% approval rate for start-up businesses that have been in business for less than 18 months. In total the value of loans provided by Microfinance Ireland amounts to over €5m and the average loan provided is approximately €15,400.