Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

As I stated, all the supporting documentation, including the SME ten-point tax reform plan, will be available on the budget website.

The Government is complementing these taxation actions with a focus on the provision of credit to SMEs. New initiatives from the Government, such as the microfinance scheme and the loan guarantee scheme are now in place. These schemes are complemented by additional credit funds such as those supported by the European Investment Bank, the Silicon Valley Bank and the European Investment Fund, which are targeted at the innovation sector. To further assist SMEs in this area, I am announcing today a number of credit specific initiatives, including approval to the Credit Review Office to extend the team of available reviewers in order that SMEs seeking assistance from the Credit Review Office receive a considered and timely response to their application and the publication by the Credit Review Office of specific guidance for SMEs on accessing credit from banks. Moreover, the National Pensions Reserve Fund also is developing a range of support funds to provide equity, finance and restructuring and recovery investment to the SME sector. The funds are expected to range in size from €100 million to €400 million.

SMEs are the lifeblood of the economy and will play a vital role in the recovery of employment growth in our country.

The newly constituted local enterprise offices will serve as an important first stop for small businesseslooking for advice and information on all available State supports. All of these measures are designed to create additional jobs in small and medium enterprises.

Agrifood Industry

The thousands of farms throughout the country are small and medium enterprises. Farming and the agrifood sector are critically important to our economy and both continue to perform strongly despite the difficult summer weather. Following on from last year’s budget, which supported farm expansion and the transfer of land, I have included measures in the ten-point tax reform plan that will assist the farming sector. I am extending the general 25% rate and the special 100% rate of stock relief, which were due to expire on 31 December 2012, for a further three years to 2015.

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