Fiona O'Loughlin (Fianna Fail) | Oireachtas source

I welcome the Minister of State. As he embarks on another collaboration this week, I wish him and Aideen the best of good health and happiness in the times ahead.

The Bill is extremely welcome. As the Minister of State indicated, the purpose of it is to save companies and protect jobs, which is hugely important. Kildare County Council, together with the local enterprise office, LEO, and County Kildare Chamber, published its economic strategy last week for attracting new investment and sustaining industry and enterprise and ensuring long-term sustainable goals. When we look at the statistics in that strategy, we can see that small businesses make up 92% of the active businesses in Kildare. That is incredible. Some 92% of the rates we receive in Kildare are from the type of business the Minister of State is looking to support. While Kildare has the second highest level of foreign direct investment in the country, the fact is that 92% of our small, family run and local businesses will be helped by this is noteworthy.

While our rescue framework of examinership is internationally recognised and successful in its own right, the associated costs mean that it may well be beyond the reach of small enterprises and microbusinesses.This Bill ensures that there is an alternative framework. Speed is the essence in this process to reduce bureaucracy for small businesses. From talking to small businesses in Kildare I am aware that is one of the biggest problems they have. I welcome the work done by Senator Garvey in producing a document so that we have all the information. I often get calls from people who raise the myriad administration and paperwork to add to the hard work people put in every hour that they can to keep their businesses sustainable and afloat. The form-filling and applications add to the plethora of work involved. For that reason, the Bill is very welcome.

Companies right across the country continue to feel the negative impacts of the pandemic on the normal operation of business. It has been most difficult for people. However, we have also seen the flexibility of small businesses who have looked around and become creative in terms of what they can do. Evidence from the 2008 recession highlighted that small business creation was the key driver in the recovery of the economy and in creating the majority of new jobs following the recession. Therefore, while revenue has fallen for a large proportion of SMEs since the onset of Covid, exploiting new opportunities has been and will be a key focus.

The report of the SME task force highlighted the importance of entrepreneurial spirit to Irish society, not just in economic and employment terms but in creating a resilient, innovative community force. Local businesses are our local champions. They make a hugely important contribution to developing a resilient society. I listened recently to a podcast by David McWilliams in which he spoke about the importance of developing an entrepreneurial spirit in young people at school. That has led to success in countries such as Germany. We tend to emphasise service-driven jobs more, but by putting measures such as this in place, the Minister of State, Deputy Troy, is advancing and making more attractive the opportunity for people to be entrepreneurial. Covid and Brexit together have highlighted vulnerabilities in the small business sector, but the opportunity is also there to show how quickly it has been to adapt and show resilience and flexibility. Among the key measures the State must take is to accelerate high-speed broadband, develop remote working hubs and bring in measures such as the Bill before us.