Damien English (Meath West, Fine Gael) | Oireachtas source

A strong and resilient SME sector is key to rebuilding the economy after the Covid crisis. Provision made by the Government in budget 2022 aims to ensure small and medium-sized businesses are sustainable and competitive in the long term. Specifically, we want to equip enterprises for the transition to the green and digital economy. We also recognise that some businesses are in need of assistance as we continue to reopen the economy and society in general. My Department, together with IDA Ireland and the local enterprise offices, is working with enterprises to help them to stabilise, reset and recover. To date, €238 million has been approved under IDA Ireland's Covid-19 supports.

The Covid-19 pandemic has also seen the agency work beyond its client base. In 2020, Enterprise Ireland took more than 1,200 new companies onto its client management system, a near 70% increase compared to 2019. Overall, the Department's core budget has increased by €103 million or 13.2% on budget 2021. This is a record core allocation for the Department and will significantly bolster the ability of the Department to help businesses to rebuild and grow after the pandemic and the impacts of Brexit, in conjunction with our development agencies.

Other measures include the employment wage subsidy scheme, EWSS, which is extended to April 2022 at a cost of up to €1.4 billion, and a targeted rates waiver to help businesses to get back on their feet. We have also ensured that low-cost, Government-backed loans will remain available. I stress to the Deputy and his colleagues that they should remind businesses that now is a good time to look at their financial needs for the remainder of this year and in the years ahead and to avail of the supports and credit guarantee schemes that are available - the most recent Brexit impact one was launched a few weeks ago - to put financial plans in place for low-cost and long-term funding.

A number of other significant initiatives to future-proof our SMEs on their growth journey include an expansion of the employment and investment incentive scheme, the extension of the small start-up companies relief and the new digital games tax relief, as well as a confirmation of a new €90 million innovation equity fund. That will be a very beneficial fund to invest in companies throughout the country as they seek to bring their products to the market and to scale up as well.

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