Finian McGrath
Ceist:82 Deputy Finian McGrath asked the Minister for Jobs, Enterprise and Innovation if he will provide an update on practical measures to assist small businesses. [38091/11]
Amharc ar fhreagraThursday, 1 December 2011
Ceisteanna (86)
Freagraí scríofa
Some issues impacting on SMEs have already been addressed in the Jobs Initiative which includes the following key initiatives:
The design of a Temporary, Partial Credit Guarantee Scheme.
An initiative on a Microfinance Fund;
The extension of the 15-day prompt payment arrangements across the wider public sector in Ireland for invoices received after 1 July 2011;
In January the Government will publish its first annual Action Plan for Jobs, which will contain a series of measures from across the entire range of Government activity to be implemented during 2012, with quarterly targets to be hit. It will be a whole of Government process, and all Departments will be involved.
Government last week discussed a wide range of initiatives that will be contained in January's Action Plan for Jobs. These include three measures to help combat the problems that businesses at all levels face in accessing credit.
Access to Finance
Access to Finance is a key issue for the small business sector. The latest restructuring of the domestic banking sector creates capacity for the pillar banks to lend in excess of €30 billion over the next three years in SME and other important sectors. Both banks will be required to sanction lending of at least €3 billion this year, €3.5 billion next year and €4 billion in 2013 for new or increased credit facilities to SMEs.
Small Business Advisory Group
The Advisory Group for Small Business was established on 16 June, and is chaired by my colleague in the Department, Minister Perry, as Minister for State for Small Business. Primarily, the Group's remit is to provide policy advice to my Department, for onward reference to Government, on the key issues affecting the SME sector and what initiatives/actions should be prioritised to address these.
Government has approved five key deliverables which have been selected from the Advisory Group report, for early implementation. These initiatives are being pursued to help small companies access the business supports they require, address some of the challenges of the hidden economy, assist their cash flow by promoting prompt payments, and seek ways to reduce administrative burdens.
Enterprise Supports
The Enterprise Agencies under my remit also offer a wide range of business support to start ups and small businesses.