Oireachtas Joint and Select Committees

Tuesday, 11 February 2014

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

Access to Finance for SMEs: Discussion

1:40 pm

Photo of Feargal QuinnFeargal Quinn (Independent) | Oireachtas source

I am very enthusiastic about the whole concept. Although Mr. O'Mahony mentioned start-up businesses, LinkedFinance does not cater for start-up business but for those who have been in business for two years. Will Mr. O'Mahony comment on that?

He also referred to the British system, which seems to be very successful. Am I correct in stating that Great Britain has a different tax arrangement from Ireland's? Will he describe the tax changes he would like to see?

Ireland has become the hub for a number of different industries, one of which is the aviation industry. Is there a possibility that Ireland could become the centre for crowdfunding, if not in the world, certainly in Europe? What would the State have to do to achieve that?

Mr. O'Mahony referred to the butcher, the baker and the candlestick maker. If a lender invests in a company, he or she feels a loyalty to the business. An example I was thinking of is a butcher shop that seeks a loan of €20,000 to install a new cold room and extend its business. I imagine that everybody who lends the money and gets a return from it feels a loyalty to the butcher. Has Mr. O'Mahony evidence of that? The individual does not own the business, but he or she has lent money to it.

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