Alan Dillon (Mayo, Fine Gael) | Oireachtas source

I welcome the opportunity to speak on the Bill, which will go some way to alleviate the worries of viable but vulnerable firms in the manufacturing and international trade services sector, and not just those that have existing relationships with Enterprise Ireland, which is welcome. Through no fault of their own, they are very worried heading into the winter as they face rising costs, higher interest rates and issues with consumer confidence.

The scheme, which will help those impacted by Russia’s invasion of Ukraine, has two strands. In my constituency, a number of these companies face a difficult future but now have other options to remain viable. I foresee a number of companies that have contacted me are using the second stream of the Bill, which helps support companies impacted by severe increases in energy and business costs. This is occurring across the board, but Mayo-based manufacturing companies that trade internationally have found that since the war in Ukraine, the rising energy costs and commodity prices are making it harder for them to get certain materials to keep their businesses running and viable.

Those companies with energy costs worth at least 3% of their turnover prior to the war can avail of grants up to €2 million for costs incurred between February and December this year. That is welcome to keep their businesses afloat and protect jobs, which is vitally important, especially where I am from, in the west.

The first stream of funding will also be of benefit to small businesses or producers in the west with fewer than 500 employees that are facing liquidity problems as a result of, again, Russia’s invasion of Ukraine. They can avail of up to €500,000 in grants, repayable advances, equity or loans, which could be the difference in a business staying open and, therefore, saving jobs.

I also welcome the Minister of State’s work alongside the Tánaiste, in particular, to unlock this €1.2 billion fund in low-cost loans to SMEs and small, mid-cap companies of up to 500 employees under the Bill. It is important that the scheme is opened before the end of the year to ensure low-cost unsecured working capital is provided where it is needed most for SMEs and primary producers to help them to spread the increased input costs and limit disruption to the supply chain.

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