Alan Dillon (Mayo, Fine Gael) | Oireachtas source

I propose to share time with Deputy Cathal Crowe. I welcome the opportunity to speak on this important Bill. Before doing so, I wish the Tánaiste and the Minister of State, Deputy English, success in their new portfolios, which will undoubtedly play a crucial role in Ireland's economic recovery. It is fortunate that we have such a skilled Minister and Minister of State with responsibility for enterprise, trade and employment, both of whom have relevant previous experience in Departments. I hope the Tánaiste can replicate successes such as The Gathering and the Wild Atlantic Way as we will require similar ingenuity in the period ahead. Both of those innovations provided a significant economic boost to the western region, and the Wild Atlantic Way continues to be a strong beating heart for tourism-related enterprises.

In terms of a regional focus, a new Action Plan for Jobs is something that must be given serious consideration. Despite the widespread economic uncertainty over the past few months, I am happy to report some good news regarding the advanced technology facility in Castlebar that was initiated by the former Taoiseach, Enda Kenny. As the Tánaiste and the Minister of State may be aware, that building has been occupied by Meissner Filtration Products and it went into operation in May. This was a real success story for IDA Ireland in Mayo which I hope can be repeated in the near future.

Agencies such as Microfinance Ireland will have an important role to play in our economic stimulus efforts. I noted the information in its most recent quarterly progress report that more than €1.1 million was lent to Mayo businesses since 2012 via 78 loan approvals. I was also interested to note that 79% of its loans were issued outside Dublin, which demonstrates the ability of Microfinance Ireland to contribute to balanced regional development. I am hopeful that this Bill will serve as an additional mechanism for small business owners to access credit, which has been a much-needed resource in recent months.

I have two suggestions for the Tánaiste and the Minister of State in respect of the legislation, beyond increasing the funding available to Microfinance Ireland for lending. The first is that consideration be given to a credit policy that would increase the loan approval rate of 44%. I am conscious of the need to be cautious with public moneys and to manage risks within any loan portfolio. However, if every small business throughout Ireland employed one extra person, it would result in significant job creation. My second suggestion is to build on the channels of loan referral to Microfinance Ireland. The local enterprise office structure remains the primary referral structure but efforts should be undertaken to increase the applications received via the bank channels and the Irish Local Development Network. Microfinance Ireland should consider holding roadshows, directly or in partnership with enterprise roadshows undertaken by commercial banks, to highlight the available finance options and potentially increase the number of loan applications. Some budding entrepreneurs may be unwilling to visit their local enterprise office or engage in formal settings but they may be willing to attend a roadshow or more informal event which could help them to build on their ideas and spark their entrepreneurial flair.

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