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

For the period 2003 to 2012, some 601 companies availed of the seed capital scheme with a cost to the Exchequer of €19.6 million. Provisional figures for 2013 suggest that 65 companies availed of the seed capital scheme at a cost of €1.3 million to the Exchequer. It is not possible to provide both of these figures for all years since the inception of the scheme without a more detailed review of the Revenue Commissioners' records. I do not have data on the number of jobs created by this initiative. The Action Plan for Jobs 2014 contains a commitment for my Department and Revenue to review and consider further amendments to the seed capital scheme this year.

The Deputy should note I am aware that there remains an issue regarding an equity-funding gap for SMEs. My Department chairs a working group consisting of stakeholders from both the public and private sectors which is examining this issue with a view to producing recommendations which will assist in this regard.

I am informed by the Credit Review Office that the upheld appeals have resulted in €27.5 million in credit being made available to SMEs and farms, helping to protect or create 1,850 jobs. The CRO is currently overturning 55% of the refusal decisions referred to it. I encourage SMEs that have been refused credit by the banks to avail of the services of the office.

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