Bríd Smith (Dublin South Central, People Before Profit Alliance) | Oireachtas source

My question relates to the briefing we received and access to finance. The briefing, on page 33, shows us that Microfinance Ireland, MFI, since it was set up in late 2012, approved €14.1 million in loans to 944 businesses supporting just over 2,000 jobs across all sectors and every county, and in 2015 approximately two thirds of approved loans went to support start-up companies. Later, the briefing states that its funding does not feature in the 2016 Estimate although it is possible that a second tranche of funding to MFI will feature in 2017.

I make the wider point that in terms of return for finance, although we do not know the quality of the jobs which I referred to earlier as being an issue here, it would seem that this is a good investment in terms of supporting local start-ups. Given my particular interest and knowing that there are many around the country who would be looking for finance, there are many renewable energy projects at a community level that could be financed in this way. Could the Minister explain why there is no funding listed in the 2016 Estimate for MFI, and if this is one of the areas that perhaps Deputy Donnelly was referring to that the Minister thinks should not be funded so much? Is it not value for money? What is going on here? Could we try to support local start-ups a little better? We seem to be throwing a lot of support at the big companies. I am concerned also about the small ones, as, I am sure, is the Minister. This looks like a gap, although perhaps I am reading it wrong.