Paul Kehoe (Wexford, Fine Gael)

I welcome the opportunity to speak on this Bill and thank the Minister, Deputy Bruton, and his staff for their work on it during the past number of months. I compliment the Minister on his visit last Monday morning to Wexford where he hosted a conference on the Action Plan for Jobs, which provided local businesses with an opportunity to engage directly with him. I welcome also his announcement at that time of Danone's €20 million investment in County Wexford, which will result in the creation of an additional 45 jobs. Business people from County Wexford were encouraged by the Minister's visit and by his making himself available to them. While previous Governments did not have an open door policy, this Government does, as evidenced by the Minister's visit last Monday morning to County Wexford.

There are many examples countrywide of enterprising people who are willing to put their necks on the line to start up a business but who have been refused capital to do so by local banks for a number of reasons, including, perhaps, that they may have no money of their own to put into the business, they have high bad debt levels, high administrative overheads and the time and investment requirement in terms of loan assessment. I believe the microenterprise loan fund will assist many small and medium enterprises in this country. As stated by Deputy O'Donovan, while €90 million might appear an insignificant amount in this regard, it is huge in terms of the number of people it will assist in starting up a business. All people want is some assistance to get up and running.

During his visit to Wexford last Monday, the Minister, Deputy Bruton, met with representatives of 14 start-up companies. These are the type of people we need if we are to recover and create jobs. The Government must be seen to assist them. I was disappointed to hear some people say that €16,000 is a small amount of money. I believe it is a huge amount, in particular, for example, to a husband and wife who have some savings but have been refused additional finance by the banks. That amount of money could assist in the creation of a number of jobs over a number of years. Our domestic economy is on the ground, which is evident from the number of businesses closing in our towns and cities owing to a lack of credit from the banks.

I recently launched enterprise week in Bank of Ireland, Enniscorthy, at which I met small business people who are employing, one, two, three or four employees. These businesses are the backbone of our economy. They are the people taking the risks every day in terms of keeping their businesses open, despite being under pressure in terms of rates, ESB, telephone and other charges. The people must be complimented. This fund provides a second chance for the many entrepreneurs who have been turned away by our banks. I am sure all Members could give examples of reasons people have been turned away by the banks.

I compliment the Minister, Deputy Bruton, on the introduction of this initiative, which it is hoped it only the first of many to be introduced in this area. All people need is a second chance. For example, the man who brought bottled water to Ireland was refused finance by a bank for start-up of that business. That industry is now worth more than €300 million per annum to our economy. There are many more similar examples. I again compliment the Minister and his staff for their work on this Bill. It is hoped the fund will be a huge success. I have no doubt it will be. I know from speaking to people on the ground that they are looking forward to having this funding available.

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