Peadar Tóibín (Meath West, Sinn Fein)
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12. To ask the Minister for Jobs, Enterprise and Innovation if he will provide details of each enterprise credit facility that has been created by this Government; their respective funding; job creation targets; and actual performance. [5844/15]

Seán Barrett (Dún Laoghaire, Ceann Comhairle)
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If Deputy Tóibín forgoes his introduction, I think I will get him the reply. We have just a few seconds left. Can I ask the Minister to reply?

Peadar Tóibín (Meath West, Sinn Fein)
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Yes. I thank the Ceann Comhairle.

Richard Bruton (Dublin North Central, Fine Gael)
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The Government has made a range of financial supports available to Irish SMEs to support growth and job creation in the economy. These include seed and venture capital schemes, development capital schemes, the innovation fund, Microfinance Ireland, the credit guarantee scheme and three funds put in place by the National Pensions Reserve Fund. In addition, the Strategic Banking Corporation of Ireland has now been established. All of these schemes are designed to broaden the options available to SMEs beyond the traditional banking system. I can report on the progress of those operated by agencies of my Department.

As of 31 December 2014, the credit guarantee scheme has 120 live facilities and 14 repaid facilities resulting in €16 million being sanctioned through the scheme by the participating lenders resulting in 649 new jobs being created and 333 jobs being maintained. As of 31 December 2014, Microfinance Ireland has approved 413 applications to the value of €6.31 million supporting 891 jobs. I am actively reviewing and improving both schemes and will be taking the necessary legislative steps to deliver changes to both.

The development capital fund has now seen the successful launch of three new funds. In total, these funds have €491 million under management with a strategy of investing in Irish companies, and they are actively seeking investment opportunities. I understand that approximately €60 million from these funds has been invested. These investments will see the creation of new jobs over time.

In 2013, Enterprise Ireland-supported seed and venture capital schemes made 153 investments in Irish-based companies with a total investment value of €59 million. Companies supported by the programme over the past five years have created more than 2,100 jobs in Ireland. These seed and venture capital schemes have been a successful funding vehicle and a new round of funding has been launched.

Under the new seed and venture scheme for 2013 to 2018 Enterprise Ireland is committing a total of €100 million to funds under this scheme which it is hoped will be matched by at least €300 million of private funding. To date, one new fund, Fountain Healthcare Partners Fund II, has reached its funding targets and has been formally announced. In total, this fund currently has €87.5 million under management and is actively seeking new investments. The remainder of funds will be announced when the fund managers reach their funding targets. I look forward to making further announcements in the near term.

Peadar Tóibín (Meath West, Sinn Fein)
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I thank the Ceann Comhairle for affording me the time. I appreciate it. The debt that is experienced by enterprise in the State and the access to finance still form one of the major impediments to growth. It is the brake on growth in a significant section of enterprise. Right through the four years, this has been an issue, and most of the initiatives that the Government has taken have failed miserably in terms of the level of impact and engagement. I encourage the Minister to ensure that the necessary efforts, especially with microfinance and the credit guarantee scheme, are made in order that they gain traction.

Richard Bruton (Dublin North Central, Fine Gael)
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I agree that access to finance is vital to the growth of the economy, but it is worth observing that the reported refusal rate of banks has more than halved, down from 30% to 14%. Applicants appeal decisions to the Credit Review Office, CRO. Between the CRO and the banks, 70% of decisions are being overturned where applicants challenge them. That is important for applicants.

Between all the non-banking facilities, we have more than €3 billion available for SMEs. There is a suite of options alternative to the banks and we keep developing those. The Strategic Banking Corporation of Ireland is a new entity this year. I hope it will bring in new entrants but also that it will make new types of product available to SMEs to meet the needs of the growing companies about which the Deputy is concerned. We are acutely aware that this a priority, and we will bring forward further proposals.