Business

Supporting Businesses

We need to protect existing jobs and businesses while unleashing the potential of high growth sectors.

Priorities

Ensure prudent spending of the Local Property Tax revenues to maintain and improve the locality.
From 2015 Councillors will have increased powers in relation to the allocation of extra revenues raised. This is very important and I will fight to make sure local needs are met.
Promote the SME Credit Guarantee Scheme. The purpose of the scheme is to encourage additional lending to SMEs, not to substitute for conventional lending that will otherwise have taken place.
In relation to financial support for Irish Businesses. A range of supports, both financial and non-financial are available from Government Departments, Offices and Agencies to assist companies to grow, improve competitiveness, create employment and improve productivity. Some of the main supports include the Employment Investment Incentive, Seed Capital Scheme, Revenue Job Assist & MicroFinance Fund

Results of SME Credit Demand Survey for April to September 2013:

The SME Credit Demand Survey covering the period April – September 2013 was published. This survey series, currently being conducted by Red C on behalf of the Department of Finance, is the most comprehensive survey of SME Credit Demand in Ireland, covering 1,500 respondents and involving over 5,300 direct calls to SMEs.

Key Conclusions of the Report

Credit demand from the SME sector has decreased during this period. Overall 36% of SMEs have requested at least one type of bank finance in the period April to September 2013, a decline of 4% on the previous period. This is a return to levels of demand last seen in September 2011.

After significant improvements in the perception of bank lending in the previous wave, we see further gains in this perception, with more than half of all SMEs 51% now agreeing that the banks are lending. This is up from 47% in March 2013 and 39% in September 2012.

72% of SMEs have seen an increase or no change in their turnover of the business in the last six months; this is an increase of 10% on the previous six months survey. 34% on SMEs report an increase in turnover which is a 9% increase on the last six months while 38% have seen no change in their turnover.
21% of SMEs have increased staff numbers in the past 6 months – this is up from 14% in March 2013 and 17% a year ago.

67% of SMEs were aware of the existence of the Credit Review Office, while 51% are currently aware of the Credit Guarantee Scheme while only 25% are aware of the Micro Finance Loan Fund. SMEs feel that they do not know enough about state funded support available with only 23% of the SMEs agreeing with the statement ‘I have a good knowledge of state funded support available’. The majority 73% of SMEs would like to see more information on how businesses can apply for state funded support.

Minister Bruton announces €125million first Development Capital Fund

The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD announced the establishment of a new fund of €125 million managed by MML Growth Capital Partners Ireland which will focus on investing in Irish SMEs.

Enterprise Ireland has made a €25million commitment, under the Government’s Development Capital Scheme, to the first and final close of the fund. The balance of the funding has been committed by Allied Irish Banks, the European Investment Fund, GoldPoint Partners, and two United States subsidiaries of the Cigna Corporation.

The establishment of the Development Capital Scheme is a critical action under the Government’s Action Plan for Jobs and it has the objective of increasing the availability of risk capital and closing the ‘equity gap’ experienced by SMEs seeking risk capital in excess of €2million.

Cillian Griffey