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

Accessing credit is a problem for small businesses. We have strengthened both the banks and the credit union movement to enable them to provide credit, but, in addition, we have introduced the seed capital scheme and the bank guarantee scheme. We have also set up the Credit Control Office to enable small businesses whose banks have refused loans to appeal to the Director of Credit Control who is overturning the decision made in approximately 50% of the cases referred to him. We have also got the European Investment Bank to increase the amount of funds made available to Ireland from €250 million to over €600 million, much of which is being channelled through AIB and Bank of Ireland to the SME sector. There is approximately €200 million for each bank, specifically dedicated to providing funds for SMEs. We are doing a great deal, but it takes a long time to repair the damage caused by the disastrous collapse under the Fianna Fáil-Green Party Government. When GDP falls by almost 20%, one can see the damaging effect on business. I understand that around the country small businesses are picking up slowly and we hope we can sustain this. It is beginning to turn and I hope for the sake of all those who hung in and worked so hard that it will turn quickly for them and that their businesses will strengthen in the course of the summer.

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