Oireachtas Joint and Select Committees

Wednesday, 22 May 2024

Select Committee on Jobs, Enterprise and Innovation

Microenterprise Loan Fund (Amendment) Bill 2024: Committee Stage

Photo of Dara CallearyDara Calleary (Mayo, Fianna Fail)
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To an extent, the LEO system is a different beast, even though it is a partner with MFI. Furthermore, it is worth acknowledging this is the tenth year of the LEOs, a significant year.

To go back to Deputy Stanton's point, which is aligned with that of Deputy Shanahan, we have a lot more work to do to promote the work of MFI. One aspect that has changed is that on the body’s inception, a business had to have received a refusal from a bank to be able to access MFI, and that is no longer the case. By improving the profile of Microfinance Ireland and aligning it with the LEOs, we will bring existing businesses back into the LEO fold. I acknowledge the huge work LEOs are doing to encourage businesses. We have just launched new supports, such as online vouchers and so on, and the LEOs are out there trying to promote to businesses. I would encourage any business that does not engage with its LEO to give it a shout and engage with it on training courses and mentoring but also on accessing the work of Microfinance Ireland.