7 Aib 2014, 10:58
The Joint Committee on Jobs, Enterprise and Innovation will continue its hearings on access to finance for small and medium sized enterprises when it meets with representatives of the National Pension Reserve Fund tomorrow, Tuesday, 8th April 2014.
The Committee will be focusing on investment commitments to the SME sector in Ireland by the National Pension Reserve Fund through three funds:
a. SME Turnaround Fund;
b. SME Credit Fund; and
c. SME Equity Fund
Committee Chairman Damien English TD said: “The National Pensions Reserve Fund has made investment commitments of €375 million to three new long-term funds which will provide equity, credit and restructuring and recovery investment for Irish small and medium sized businesses and mid-sized corporates. Tomorrow, as part of our on-going examination of the issue of access to finance for SMEs, we will discuss these funds in more detail. We will be particularly keen to establish the level of uptake among the SME sector of these funds, how investment selection is carried out, typical loan type and size and the variety of purposes for which the funding can be used by SMEs.
“Our Committee has identified the availability of funding and supports for small and medium sized businesses as a key priority in national efforts to achieve economic recovery. The small and medium sized enterprise sectors are integral and important elements of our economy and if we are serious about our indigenous businesses we need to encourage and help create the best environment for them to operate in.
“As the Committee with a remit in the area of jobs, enterprise and innovation, it is important that we look at and consider the various State initiatives in relation to funding for start-up and existing businesses to see if they are serving the needs for which they were set up.”
Before it meets with the National Pension Reserve Fund the Committee will also consider a number of EU legislative proposals:
Schedule A: COM(2014)1 - A proposal for a Regulation amending Council Regulation (EC) No 1236/2005 concerning trade in certain goods which could be used for capital punishment, torture or other cruel, inhuman or degrading treatment or punishment.
Schedule B: COM(2014)81 final; COM(2014)121 final; COM(2014)125 final.
This meeting will start at 1.30pm on Tuesday, 8th April 2014 in Committee Room 2.
Committee proceedings can be followed live here.
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Committee Membership
Deputies: Dara Calleary (FF), Áine Collins (FG), Michael Conaghan (LAB) Damien English (FG) (Chairman), Mick Wallace (IND), Seán Kyne (FG), Anthony Lawlor (FG), John Lyons (LAB) (Vice-Chairman), Peadar Tóibín (SF).
Senators: Deirdre Clune (FG), David Cullinane (SF), John Kelly (LAB), Michael Mullins (FG), Feargal Quinn (Ind), Mary White (FF).