Catherine Murphy
Question:581. Deputy Catherine Murphy asked the Minister for Enterprise, Trade and Employment the 2023 capital budget allocation for the future growth loans scheme. [38957/23]
View answerMonday, 11 September 2023
Questions (581)
Written answers
There is no 2023 capital budget allocation for the Future Growth Loan Scheme (FGLS) in the Department of Enterprise, Trade and Employment Vote.
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 €300 million in long-term lending. In July of 2020 it was expanded by €500 million to make a total of €800 million 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. As of 31 August 2023, there have been 3,512 loans sanctioned under the scheme, to a total value of €770.96 million.