Dáil Éireann Debate, Wednesday - 27 May 2020
78. Deputy James Browne asked the Minister for Finance his plans to aid small businesses that cannot receive a commercial loan from a bank in spite of the provision of the SME credit guarantee scheme; and if he will make a statement on the matter. [7951/20]
Amharc ar fhreagraAs Minister for Finance, I have no function in the commercial lending decisions made by banks but if an SME has been refused bank credit then Credit Review can assist them (https://www.creditreview.ie). Credit Review helps SMEs and farmers who have had an application for credit of up to €3 million declined or reduced by the main banks, and who feel that they have a viable business proposition. This is a strictly confidential process between the business, the Credit Review and the bank.
One of my main concerns as Minister for Finance, and of my Ministerial colleagues is to ensure that SMEs have access to sufficient liquidity, and that access to credit for SMEs is maintained. Government has announced a range of measures to assist companies deal with the consequences of the COVID-19 restrictions, and to ensure that they have access to sufficient liquidity. These include tax measures, as well as loan schemes, to assist SMEs. In addition, my colleague Heather Humphreys TD, Minister for Business, Enterprise and Innovation has introduced grant schemes that are available through Enterprise Ireland and the Local Enterprise Offices.
On May 2 a further COVID-19 supports was announced to support SMEs. This includes a Restart Grant which will provide up to a €10,000 grant for micro and small businesses based on a rates/waiver rebate from 2019; a three month commercial rates waiver for impacted businesses; and the ‘warehousing’ of tax liabilities for a period of twelve months after recommencement of trading during which time there will be no debt enforcement action taken by Revenue and no interest charge accruing in respect of the warehoused debt.
You can be assured that I, along with my ministerial colleagues, continue to work to ensure that all necessary supports are available for businesses affected by COVID-19.
