Dáil Éireann Debate, Thursday - 29 September 2016
28. Deputy Maurice Quinlivan asked the Minister for Finance the way in which the Government plans to deliver €1 billion per year to assist local business and new start-ups to access finance; and if he will make a statement on the matter. [22825/16]
View answerAs the Deputy is aware, small and medium sized businesses play a central role in the sustainable recovery of the Irish economy. To facilitate this, Government policy is focused on ensuring that all viable SMEs have access to an appropriate supply of credit from a diverse range of bank and non-bank sources. Officials from my Department regularly meet industry bodies to discuss issues around access to finance and to help inform the development of policy on SME credit.
The Programme for a Partnership Government sets out the Government's committment to the SME sector, which involves my Department working with other relevant Departments and Agencies. My Department is monitoring the availability of bank and non-bank credit on both a macro and sectoral basis to ensure SMEs can reach their full potential in terms of growth and employment generation.
Furthermore, the Action Plan for Jobs 2016 includes a dedicated chapter and an associated integrated set of actions to support financing for growth for SMEs. In addition, the State Bodies Group, chaired by the Department of Finance, provides a forum for the development and implementation of policy measures to enhance SMEs' access to a stable and appropriate supply of finance. The State Bodies Group is now considering finance for growth actions for the Action Plan for Jobs 2017.
Some of the main policies introduced to date on which progress can be built include the Supporting SMEs Online Tool, which lists the available Government supports for small businesses; the Strategic Banking Corporation of Ireland ensures that SMEs are provided with sufficient finance for growth at a lower cost and on more flexible terms; the Credit Guarantee Scheme encourages additional lending to small businesses by offering a partial Government guarantee to banks against losses on qualifying loans to eligible SMEs; the Microenterprise Loan Fund provides support in the form of loans for up to €25,000, available to start-up, newly established, or growing micro enterprises, with viable business propositions; the Irish Strategic Investment Fund has committed to a number of SME Fund investments in Ireland, including the SME Credit and Equity Funds; Enterprise Ireland's Seed and Venture Capital Scheme; and the Credit Review Office helps SME or Farm borrowers who have had an application for credit of up to €3 million declined or reduced by the main banks.
