Peter Burke (Longford-Westmeath, Fine Gael)

To go back to the evidence, if we look at the first scheme I referenced, which was the growth and stability loan scheme, we have at this point in time almost used up the €500 million allocation. This demonstrates that SMEs are using it and drawing it down. We also increased the Microfinance Ireland loan scheme for our smaller SMEs, up to €50,000 from €25,000, and it is supporting approximately 12,000 jobs in the economy. We have had a succession of schemes, including the Ukraine guarantee scheme, the future growth and loan scheme and the Brexit loan scheme. A huge amount of low-cost finance has been provided. We are also renegotiating to extend the €500 million and increase its capacity and keep it competitive.

I also point out the Department of Finance recently conducted a survey of SMEs and only 6% of them cited the cost of finance as an issue in terms of getting support. We are reducing the conditionality of all schemes to make it easier for SMEs to go through the application process. This is very much to the forefront of my mind in doing things simpler, lighter and faster.

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