Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The Government has made a range of financial supports available to Irish SMEs to support growth and job creation in the economy. These include seed and venture capital schemes, development capital schemes, the innovation fund, Microfinance Ireland, the credit guarantee scheme and three funds put in place by the National Pensions Reserve Fund. In addition, the Strategic Banking Corporation of Ireland has now been established. All of these schemes are designed to broaden the options available to SMEs beyond the traditional banking system. I can report on the progress of those operated by agencies of my Department.

As of 31 December 2014, the credit guarantee scheme has 120 live facilities and 14 repaid facilities resulting in €16 million being sanctioned through the scheme by the participating lenders resulting in 649 new jobs being created and 333 jobs being maintained. As of 31 December 2014, Microfinance Ireland has approved 413 applications to the value of €6.31 million supporting 891 jobs. I am actively reviewing and improving both schemes and will be taking the necessary legislative steps to deliver changes to both.

The development capital fund has now seen the successful launch of three new funds. In total, these funds have €491 million under management with a strategy of investing in Irish companies, and they are actively seeking investment opportunities. I understand that approximately €60 million from these funds has been invested. These investments will see the creation of new jobs over time.

In 2013, Enterprise Ireland-supported seed and venture capital schemes made 153 investments in Irish-based companies with a total investment value of €59 million. Companies supported by the programme over the past five years have created more than 2,100 jobs in Ireland. These seed and venture capital schemes have been a successful funding vehicle and a new round of funding has been launched.

Under the new seed and venture scheme for 2013 to 2018 Enterprise Ireland is committing a total of €100 million to funds under this scheme which it is hoped will be matched by at least €300 million of private funding. To date, one new fund, Fountain Healthcare Partners Fund II, has reached its funding targets and has been formally announced. In total, this fund currently has €87.5 million under management and is actively seeking new investments. The remainder of funds will be announced when the fund managers reach their funding targets. I look forward to making further announcements in the near term.

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