Dáil Éireann Debate, Wednesday - 2 November 2016
465. Deputy Sean Sherlock asked the Minister for Jobs, Enterprise and Innovation if the loan guarantee facility under COSME, the Competitiveness of Enterprises and Small and Medium-sized Enterprises, has been set up here; and if so, the instrument under which and through which financial intermediary. [32740/16]
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.
One of the means by which this objective can be achieved is through the use of EU financial instruments, which are a key component of the COSME programme. The Strategic Banking Corporation of Ireland (SBCI) has been in active discussions with the European Investment Fund (EIF) on the use of European financial instruments in order to optimise the funding support available to Irish SMEs.
I am pleased to confirm that following a detailed due diligence process, the SBCI has obtained initial approval from the European Investment Fund and intends to reach final agreement on a financial instrument supported by the COSME programme in the next few months.
The purpose of this financial instrument will be to facilitate the deployment of additional funding, and to enhance access to finance for Irish SMEs which will help them scale, service new markets and grow employment.
The Government is committed to supporting the financing needs of SMEs in all sectors of the economy and ensuring that there is an adequate supply of affordable and appropriate credit to meet their needs.
