Dáil Éireann Debate, Wednesday - 2 November 2016
464. Deputy Sean Sherlock asked the Minister for Jobs, Enterprise and Innovation the number of small and medium enterprises which have accessed funds from the EU Competitiveness of Enterprises and Small and Medium-sized Enterprises financial instrument since August 2014 to date; and the amount drawn down in each instance. [32739/16]
Amharc ar fhreagraThe European Union Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) runs from 2014 to 2020, with an overall budget of €2.23bn.
The objectives of COSME includes facilitating access to finance for Small and Medium-sized Enterprises (SMEs) and to increase the sustainable competitiveness of EU companies and help small businesses operate outside their home countries. COSME also aims to create an environment favourable to business creation and growth, and encourage an entrepreneurial culture in Europe.
This Government established the Strategic Banking Corporation Ireland (SBCI) as a national SME-focused lending institution, operating with a public policy mandate and with the capacity to serve as a platform to deliver EU financial instruments to SMEs in Ireland. The SBCI is a private limited company established under the Strategic Banking Corporation of Ireland Act 2014 and the issued share capital of the SBCI is owned solely by the Minister for Finance.
The SBCI has committed under the Action Plan for Jobs to maximising our engagement with the relevant elements of the Multiannual Financial Framework, including COSME, so as to ensure there are no untapped or under utilised sources of framework or other funding available to SME sector in Ireland. In this context, it has been agreed that the emphasis should be on targeting those financial instruments that are potentially of most benefit to SMEs in Ireland.
I can confirm that the SBCI has obtained initial approval from the European Investment Fund and should reach final agreement on a financial instrument supported by the COSME programme in the next few months. This will support the provision of additional funding to our SMEs and ensure that they can access funding in order to expand, service new markets and grow employment.
