Dáil Éireann Debate, Wednesday - 20 January 2016
87. Deputy Bernard J. Durkan asked the Minister for Jobs, Enterprise and Innovation if he is satisfied that the small indigenous business sector continues to have ready access to various investment incentives; and if he will make a statement on the matter. [2524/16]
View answerFirstly, I would like to draw the Deputy’s attention to the cross-Government initiative on supports to small business. Businesses can access the ‘Supporting SMEs’ online search tool that was launched last year. The search tool includes information on the range of Government supports, incentives etc. for accessing finance and credit. By answering eight questions, a small business will be able to:
- Find out which of the over 80 Government business supports from 27 different Government Departments, Agencies and Initiatives are available to them;
- obtain information on the range of Government supports for accessing credit;
- identify their nearest Local Enterprise Office where they can discuss the outcomes of the guide further;
- download all these filtered results into a document for their further use.
The ‘Supporting SMEs’ Online Tool is available at: www.actionplanforjobs.ie.
The Local Enterprise Offices (LEOs) also act as the ‘first-stop-shop’ State support service for micro and small businesses in each local area. The LEOs provide advice and direction, covering all Government supports and requirements, to anyone who wishes to start or expand a business. They can also provide funding for projects that meet certain criteria, generally with regard to export potential, and other non-financial supports such as training and mentoring.
In addition, any business can use the LEOs to help them to access finance from Micro Finance Ireland (MFI), which offers loans of up to €25,000 to start-up, newly established or growing microenterprises (employing less than 10 people) with viable business propositions that do not meet the conventional risk criteria applied by the banks.
Enterprise Ireland is the state agency responsible for supporting the development of manufacturing and internationally traded services companies. They provide funding and supports for companies - from entrepreneurs with business propositions for a high potential start-up through to large companies expanding their activities, improving efficiency and growing international sales.
An example of Enterprise Ireland support is their High Potential Start Ups (HPSUs) programme which assists start-up businesses that have the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in export sales within 3 to 4 years of starting up.
As part of Budget 2013 the Government committed €175 million to the Seed and Venture Capital Scheme 2013-2018, with a target to leverage a further €525 million from the private sector making €700 million in additional capital available to high growth SMEs.
In addition, in September 2012 my Department launched the SME Credit Guarantee Scheme (CGS) under the Credit Guarantee Act 2012, to address specific market failures in lending to SMEs in response to calls from various business interests.
