Sorca Clarke (Longford-Westmeath, Sinn Fein) | Oireachtas source

Before I begin, as this is my first speech in the Chamber, I would like to thank the people of Longford and Westmeath for putting their faith in me to represent them here. It is a great privilege. When I walked through the doors across the way for the first time, though, never did I imagine that my maiden speech would be in the middle of a pandemic, yet here we are.

We are all aware that we are living in very uncertain and worrying times, and judging by the stability impact report that the Minister delivered last week, none more so than our small businesses, which are facing a bleak future. With GDP set to fall by 10.5% and modified domestic demand by 15%, and an unemployment rate of 22%, the document states that, although there will be a difficult journey ahead, Ireland faces it from a position of strength. However, that belief is not shared or agreed with by many small businesses in my constituency. In fact, it is vastly at odds with our position. Thousands of families are out of work. Granted, most of them have availed of the relevant supports that have been put in place, but those who run a small business employing up to ten people are anxious that the lack of supports for them will force them to keep their doors closed when the economy starts moving again. Business owners across Longford and Westmeath have contacted me stating that they have run out of personal savings and disposable cash to cover rent, rates, insurance and other fixed overheads as well as a loss of stock that will make it unviable for them to reopen, whenever that might be. These small and medium-sized businesses have always been the backbone of towns, villages and local communities the length and breadth of my constituency. They are a vital part of the fabric of everyday life.

The impact of Covid-19 on SMEs over the coming months and years is not yet known, but we have an opportunity to face it from a position that supports smaller businesses, which have proven themselves in the past and put their shoulder to the wheel. They are willing and able to do it again, but it would be dependent on a comprehensive Government response that included viable and sustainable supports that were sufficient in scale and ease of access to assist them in recommencing trade.

These issues are particularly prevalent in the retail, hospitality, salon, childcare, tourism and manufacturing sectors. The businesses in question cannot be chastised by banks that we own, banks that we bailed out yet apply unfeasible interest rates that make it impossible for businesses to gain access to working capital when needed. Make no mistake - it is needed now more than ever.

As my colleague, Deputy Doherty, outlined to the House last week, far more payments are made through the pandemic unemployment payment than through the temporary wage subsidy scheme. This issue needs to be addressed if we are to prevent the relationship between employer and employee from being permanently severed.

Businesses in my constituency have made it clear to me that the SME credit guarantee scheme and the Covid-19 working capital scheme need to be reformed immediately in a manner that will allow them to reopen their doors, continue providing employment and provide services in the communities in which they are ingrained.

AIB held its AGM yesterday. What issues did the Minister raise? Did any of them concern accessing liquidity credit for small business owners that are not in a position to take on additional debt and feed into a banking system that seeks to profiteer from a time of crisis?

The Government has been big on announcements but short on delivery. What has been announced does not match what is being delivered on the ground.

Mistakes are being made and must be rectified. Many business owners put their lives and souls into creating and maintaining employment through the most recent economic crash and if those businesses close, it will sound the death knell for many already vulnerable towns and villages as people are forced to seek employment elsewhere.

This crisis is an unprecedented event. We have never before faced or recovered from anything like it. It is certain that without sufficient supports that are easy to access, this pause in trading will become a loss of business and will result in permanent job losses. We must support our SME sector as much as we can with zero-interest-applied loans and, where necessary, 100% State guarantees.

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