Dáil Éireann Debate, Tuesday - 6 October 2015
333. Deputy Dara Calleary asked the Minister for Jobs, Enterprise and Innovation the number of applications received by the microenterprise loan fund in each year since its establishment, in tabular form; the number of loans approved; the total amount drawn down; the number of jobs supported by the fund; his plans for its future development; and if he will make a statement on the matter. [34699/15]
View answerAs of 28th September 2015 Microfinance Ireland (MFI) has approved 683 applications to the value of €10.5m supporting 1,554 jobs.
In parallel with this initiative, a series of other non-bank Government backed funding sources for SMEs have been provided. These measures, in tandem with the many other actions contained in the annual Action Plan for Jobs process, have helped an extra 125,000 people back in to work since the first Action Plan has launched in February 2012.
All the figures that the Deputy has requested are available in the quarterly and yearly progress reports which are published on my Department’s website www.djei.ie. The progress report detailing the analysis and performance up to the quarterly period ending 30th June 2015 is available on the Department’s website. I will shortly receive the quarterly report for the period up until 30th September 2015 and I will publish on my Department’s website shortly afterwards. For the Deputy’s information I have attached the figures for years 2012, 2013 and 2014 at Appendix 1.
The Deputy will be aware that there was an extensive review of the Microfinance Fund and Microfinance Ireland undertaken by officials in my Department and which was published last April. As a result of the review a number of recommendations were made to improve the take up of the Scheme. These were:
- Removal of the requirement to be refused bank credit before seeking funding from Microfinance Ireland;
- Amending the Microfinance Ireland Scheme to provide a more flexible and adaptable framework for the Board of Microfinance Ireland to work within;
- Introducing an automatic bank referral system to Microfinance Ireland for all bank declined loans which fall within the loan limits offered by Microfinance Ireland;
- Continue with the promotion, advertising and awareness of the Fund by Microfinance Ireland with their relevant partners.
A new Statutory Instrument which removed the bank refusal requirement was recently introduced and a new Scheme was also introduced the aim of which is to ensure that the Board has a more flexible and adaptable framework in which to work within. Microfinance Ireland recently completed and is currently implementing the new communications strategy. Microfinance Ireland is also currently engaged with the three main banks in relation to introducing an automatic bank referral system.
Appendix 1
Microfinance Ireland Summary Annual performance
|
- |
Annual |
Annual |
Annual |
Fund |
|
Outturn 2014 |
Outturn 2013 |
Outturn 2012 |
end Dec 2014 |
|
|
Activity Levels |
(3 mths) |
|||
|
Applications Nos |
508 |
320 |
59 |
887 |
|
Applications €000 |
8,449 |
5,669 |
1,070 |
15,188 |
|
Approvals Nos |
274 |
127 |
12 |
413 |
|
Approvals €000 |
4,158 |
2,000 |
160 |
6,318 |
|
Drawdowns Nos |
223 |
119 |
4 |
346 |
|
Drawdowns €000 |
3,277 |
1,847 |
52 |
5,176 |
|
Jobs (Nos) (NET) |
581 |
289 |
21 |
891 |
Microfinance Ireland Summary Annual performance
|
- |
Annual |
Annual |
Annual |
Fund |
|
Outturn 2014 |
Outturn 2013 |
Outturn 2012 |
end Dec 2014 |
|
|
Activity Levels |
(3 mths) |
|||
|
Applications Nos |
508 |
320 |
59 |
887 |
|
Applications €000 |
8,449 |
5,669 |
1,070 |
15,188 |
|
Approvals Nos |
274 |
127 |
12 |
413 |
|
Approvals €000 |
4,158 |
2,000 |
160 |
6,318 |
|
Drawdowns Nos |
223 |
119 |
4 |
346 |
|
Drawdowns €000 |
3,277 |
1,847 |
52 |
5,176 |
|
Jobs (Nos) (NET) |
581 |
289 |
21 |
891 |
