Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)

I thank Deputy O'Donnell and the Minister of State, Deputy Kehoe, for sharing time. I congratulate the Minister on bringing the Bill before the House. It is a good news story although some Deputies always want to talk down good news stories.

Small businesses are at the heart of every community with the local sole trader who provides the newspaper, the local butcher who provides the Sunday dinner and the local coffee shop where one can have a weekly catch up with the girls. These business owners know their customers and they depend on them. Many of them provide credit. Most of these business owners are not out to become rich. They want to be part of and serve the community. In many cases they want to earn a living so they can rear their children.

Like every other Deputy I have been contacted by people with a great business idea who have been refused finance and business owners who wants to expand and have been refused credit even if it is a viable business. Ireland is known for its entrepreneurial spirit and the Government must support entrepreneurs in establishing companies. The Government must assist businesses to succeed and encourage business expansion. Many of these businesses first start in a kitchen or garage. This fund will be a lifeline for a small start-up company or an existing business trying to expand. The Microfinance Fund Bill is part of a range of Government initiatives to support businesses of various sizes and in various circumstances. The adoption of the personal insolvency Bill and the Credit Guarantee Bill will also provide assistance. The Bill will assist 5,500 viable businesses to obtain credit. These are businesses which would not have received credit otherwise. A total of 7,700 jobs will be created, meaning 7,700 happier people and families.

The Government is serious about job creation. The plan will improve support for businesses creating jobs and will remove barriers to employment creation throughout the economy. We have made progress on the foreign direct investment front. IDA Ireland success stories include a net 6,000 increase in jobs in supported companies. Enterprise Ireland also has success stories with a 15% increase in the number of high potential start-ups in 2011. However, we must also help small indigenous businesses and the domestic market and the Bill will do so.

We also have success stories in Dún Laoghaire-Rathdown. In a recent survey conducted by Dún Laoghaire enterprise board 56% of local businesses and companies stated they expect to expand in 2012. I congratulate Dún Laoghaire enterprise board on the 2,000 jobs in existence as a result of its work over the past number of years.

Sometimes it is easier to see the positives when one is on the outside looking in. The 2012 IMD World Competitiveness Yearbook ranks Ireland's overall competitiveness in 20th place which is up four places from 2011. It ranks Ireland first in the world for investment incentives, the availability of skilled labour and the flexibility and adaptability of its people. Many of my former students would be thrilled to know they came first in the class and this is what the country is trying to achieve.

I absolutely reject what Deputy Donnelly said last night about our young graduates. He quoted but did not name some CEO who said that his company could not take on our graduates. I have met many CEOs in Dún Laoghaire, in our county and around the country who are delighted to employ our young graduates. If he walks around our universities, Deputy Donnelly will see many fine young people. This Government is working to make Ireland the best country in the world in which to raise children, to grow old and to do business.

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