Dáil Éireann Debate, Thursday - 2 February 2023
185. Deputy Louise O'Reilly asked the Minister for Enterprise, Trade and Employment the capital, current and total 2023 budget allocation for the future growth loan scheme, in tabular form; and if he will make a statement on the matter. [5385/23]
View answerThere is no 2023 Budget allocation for the Future Growth Loan Scheme (FGLS) in the Department of Enterprise, Trade and Employment Vote, as set out in the following table:
|
Future Growth Loan Scheme |
2023 |
|
Capital |
Nil |
|
Current |
Nil |
|
Total |
Nil |
The FGLS was launched in June 2019 to provide an option for SMEs and small mid-caps to access appropriate finance for investment purposes. The scheme initially provided for up to €300m in long-term lending. In July of 2020 it was expanded by €500m to make a total of €800m available through participating financial providers. In partnership with the European Investment Bank Group, the scheme is operated by the Strategic Banking Corporation of Ireland and is funded by the Department of Enterprise Trade and Employment and the Department of Agriculture, Food and the Marine.
All the participating lenders are now closed to new applications under the FGLS indicating that they are of the view that they have received sufficient applications to use their full allocation under the scheme. Final use of allocations to participating finance providers may be impacted by decisions on loan approval and customer decisions to draw or not draw the approved loans. As of 30th January 2023, there have been 3,513 loans progressed to sanction under the scheme, to a total value of €773.9m.
