Peter Fitzpatrick (Louth, Fine Gael)

It is not just with pleasure that I welcome the opportunity to discuss the Credit Guarantee Bill but also with sheer elation. On a daily basis in my constituency office in Dundalk I meet people who are distraught about the lack of credit opportunities for their businesses which are usually small, with ten or fewer employees. Quite often they are labour-intensive and located in the lesser urban areas. In addition, they are often family-run and have employees who have been with the business for more than ten years. These business owners are not charlatans or property speculators or operating in the black economy. Most often they are the family-focused, pint-drinking, GAA-following people of Ireland every one of us in this House knows. They are part of the fabric of our society. They create jobs in their local communities and add value by spending their profits and wages on other local services and in supporting local business providers. This Bill may not be the complete solution, but it is certainly a step in the right direction.

I have met constituents who operate in business parks such as those in Tenure and Ardee, as well as Quayside Business Park in Dundalk. They may be seeking to expand their businesses, with resulting employment creation, but their efforts are being stifled by a lack of credit in the banking sector. Some industries are more reliant on credit than others. More importantly, some high potential start-ups are in greater need of lenient credit terms, as they are not in the same bargaining position as some of their more established, bigger and often international competitors.

By our very nature, Irish people are entrepreneurial. We have come from the land and if agricultural people are not entrepreneurial, I do not know who is. Throughout the expanse of north County Louth, particularly the Cooley Peninsula, there is business acumen and entrepreneurial spirit in abundance. It needs an outlet to thrive and there are supports available. One has only to visit the Regional Development Centre on the campus of Dundalk Institute of Technology to be inspired. The centre houses some of the brightest and highest potential businesses in the country. They may only be in incubation, but they will need capital and credit to expand and deliver their world-class offerings to the market. The Bill will help to ease the way for companies such as these to grow, expand, create wealth and, ultimately, sustainable jobs.

I will recount a small lesson I learned from a Dunleer constituent when he called to my office recently. When he left university in the late 1990s, the country was totally focused on the SME sector. Small businesses were cherished and valued, their proprietors were held in esteem and the banks were understanding in their dealings with these companies. Somehow, in the next ten years and under previous Administrations, the focus was changed and the emphasis was placed on multinationals and international companies. Welcoming and encouraging international companies to locate in Ireland was certainly no bad thing, but by completely ignoring the indigenous SME sector, previous Administrations did a disservice to the lifeline for Irish society and communities throughout the land.

I welcome the Bill wholeheartedly, as it is a step in the right direction. If implemented correctly and the banks adopt it in the spirit in which it was designed, it could prevent the litany of queries I receive on a weekly basis from constituents in places such as Laytown, Collon and Termonfeckin. The message is always the same: "If we can't get credit, the business will fold." This means three or five jobs will be lost. In one case two weeks ago eleven jobs were on the line. I applaud the Minister for introducing this legislation which I commend to the House.

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