Dáil Éireann Debate, Thursday - 23 November 2023
207. Deputy Bernard J. Durkan asked the Minister for Enterprise, Trade and Employment the extent to which he believes support for small and medium-sized enterprises remains, given the challenges now and in the future; and if he will make a statement on the matter. [51751/23]
View answer208. Deputy Bernard J. Durkan asked the Minister for Enterprise, Trade and Employment the degree to which he remains satisfied that the level of support for small and medium-sized enterprises here is adequate; and if he will make a statement on the matter. [51752/23]
View answerI propose to take Questions Nos. 207 and 208 together.
My Department’s White Paper on Enterprise to 2030 sets out an ambitious vision for Ireland’s enterprise policy, to protect Ireland’s strong economic position, and respond to challenges and opportunities that have emerged because of the pandemic, wider economic and geo-political developments, digitalisation, and an increased urgency to decarbonise industry. It provides for a sustainable, innovative and high-productivity economy, with rewarding jobs and livelihoods in the period ahead.
My Department and its officials are fully committed in advancing the interests of SMEs in Ireland, ensuring the full support provided in Budget 2024 will further progress this sector.
The Local Enterprise Offices (LEOs), play an extremely important role as part of a supportive ecosystem, providing their services direct to small businesses and promoting entrepreneurship within towns and communities across the country. They act as a ‘first stop shop’ providing expert advice and guidance, financial assistance, and offer a ‘signposting’ service for all government supports available to business owners throughout the country.
The LEOs received €9 million additional funding in Budget 2024, which will provide additional capacity for grant approval, training and development programmes and allow the LEOs to extend financial supports to businesses with up to 50 employees, who have ambition to begin exporting.
The ‘All in a Day’s Work’ campaign, focuses on how the Lean, Green and Digital products available can help businesses to save time, money, and energy. In addition, the LEO Mentor Programme seeks to provide LEO Clients with the knowledge, skills, insights and entrepreneurial capability of experienced business practitioners.
2024 marks the Ten-Year anniversary of the LEOs and Officials in my department have commenced work on the development of a LEO policy statement that will determine the direction of course for the LEOs for the coming years and seek to implement the recommendations of the White paper on Enterprise to further enhance the services available through the LEOs.
In addition, the nine Regional Enterprise Plans Launched in 2022, are supported by regional Steering Committees and focus on undertaking collaborative projects that can help strengthen the regional enterprise ecosystem thereby supporting enterprise growth and job creation locally.
Furthermore, the Retail Forum, of which I am a member, meets quarterly and one of the current priorities is supporting the sector to deal with the increasing cost of doing business. My Department is arranging stakeholder workshops to ensure that the views of enterprise are reflected in this assessment and Retail Forum members have been invited to attend.
My Department has secured €250m for the Increased Cost of Business Scheme. The grant will be paid to SMEs who pay commercial rates to their local authorities, and will provide targeted refunds to around 130,000 micro and small businesses, accounting for 87% of rated businesses.
Other measures such as the new targeted Angel Investment Scheme will introduce a reduced Capital Gains Tax Rate to 16%, promoting innovation for angel investors investing in ‘innovative’ SMEs. The increase in the Research and Development tax credit to 30% and the increase in the payment threshold to €50,000, aiming to encourage investment in R&D by both large and small companies.
The new National Enterprise Hub which will include a dedicated website and phone line to Hub Advisors, developed by Enterprise Ireland, this will help businesses to navigate the comprehensive suite of supports that are being offered to business throughout Ireland.
As Minister of State for Business, Employment and Retail I look forward to progressing further the interests of SMEs. I want to ensure you that I, my Department, and its officials are fully committed to serving the SME sector in Ireland.
