Oireachtas Joint and Select Committees

Tuesday, 9 June 2020

Special Committee on Covid-19 Response

Reopening the Economy: Supports for Business

Mr. Neil McDonnell:

I am not telling the Deputy where he should be looking, but any notion that we have not been loud and explicit with the Taoiseach and the Minister for Public Expenditure and Reform, Deputy Donohoe, about what is required could only come from someone who is unaware that the information is all available on our website. We have a policy of radical transparency. All of this information is subject to freedom of information requests, so we publish it on our website.

On the schemes that are available, the Microfinance Ireland Covid-19 business loan is a good scheme, but it is subject to an interest rate of 4.5% to 5.5%, which is totally inappropriate at this moment in time. The working capital scheme for innovative and internationally traded businesses is not appropriate for SMEs. The future growth loan scheme is directed at mid-cap companies, as is the sustaining enterprise fund. The sustaining enterprise fund for SMEs is a fund of only €50 million, with 4% interest rates, and it too is directed at internationally trading SMEs. It is not attracting attention. Restart grants of from €2,000 to €10,000 are available and are based on rates paid last year, but many businesses do not qualify for them. The trading online scheme is conditional. That funding ran out last week and the Minister is seeking new funding for it.