Dara Calleary (Mayo, Fianna Fail)
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Go raibh maith ag an gCathaoirleach. Gabhaim buíochas leis agus leis an gcoiste as a gcuid ama ar maidin. I thank the Chairman for making committee time available to further progress the Microenterprise Loan Fund (Amendment) Bill 2024. My then colleague, the Minister of State, Deputy Richmond had a very good debate on Second Stage in the Dáil. From looking at that debate, I understand there is a lot of support for this legislation.

As members are aware, this Bill amends the Microenterprise Loan Fund Act 2012 to provide for the transfer of the ownership of Microfinance Ireland from Social Finance Foundation to the Minister for Enterprise, Trade and Employment and other related matters. Microfinance Ireland has provided a unique and vital support to microenterprises by filling the lending gap in the market by lending to businesses that cannot obtain loans from other commercial lenders. It is interesting that from 2012 to December 2023, more than €83.5 million worth of loans were approved, supporting 10,000 jobs and 78% of those were to microenterprises outside of Dublin. I believe I am right in saying that Deputy Bruton was the lead Minister in charge of introducing it back in the day. This is my first time at committee since he announced his next chapter and I wish him every health and happiness in that. Microfinance Ireland also provides post-approval mentoring services to its borrowers through the local enterprise office network and helps to sustain communities across the country. There is a wide regional spread, as I have already said. Microfinance Ireland has also shown itself to be able to adapt very quickly. It has provided loans in response to emergencies such as Brexit, Covid-19 and the recent flooding and extreme weather events that disrupted many businesses.

Our Department is very committed to the work of Microfinance Ireland and the need to support SMEs in the face of rising costs, which is why we recently announced increasing the lending limit for Microfinance Ireland loans to €50,000 from €25,000. This Bill will put in place the related governance structures, reflecting the increasingly vital role of State-supported lending to microenterprises for job creation and assistance to start-up and existing businesses to survive and grow in uncertain economic conditions. I give a special mention and thanks to Social Finance Foundation for its dedication and input to Microfinance Ireland and thank it for its services since Microfinance Ireland establishment in 2012. I know we will have the continued support and input of Deputies as we proceed through the Houses of the Oireachtas. I would like and I share their ambition to get this legislation enacted as soon as possible. I thank the officials in my Department for their work on the Bill. I am accompanied by Ms Sabha Greene from the unit.