Olwyn Enright (Laois-Offaly, Fine Gael)
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Question 37: To ask the Minister for Enterprise, Trade and Employment the way he will develop a growing focus on the dynamic SME sector; and if he will make a statement on the matter. [18987/07]

Micheál Martin (Cork South Central, Fianna Fail)
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My Department and its agencies support the financing of SMEs in a number of ways. The funding provided by Enterprise Ireland and the County and City Enterprise Boards, in the form of grants, refundable aid and equity participation, provides an important source of finance to many SMEs. In addition, Enterprise Ireland actively promotes the availability of venture capital in Ireland and I have approved funding of €175 million for venture capital that is projected to leverage venture capital funding of some €1 billion over the next decade.

Furthermore, the HALO Business Angel Partnership which is managed by the Dublin Business & Innovation Centre (BIC) and supported by the Cork, Waterford and Galway BICs, is designed to encourage and facilitate the provision of informal investment in enterprises by Business Angels, typically high net worth individuals who wish to invest in early stage companies with good growth potential. This partnership is being supported financially by Enterprise Ireland and InterTradeIreland.

Small Business plays a key role in our country and the continued growth of this sector will be an important factor in our economic development over the next decade. The Report of the Small Business Forum published in May 2006, sets out a comprehensive agenda to achieve this and has presented the Government with a detailed set of proposals designed to enable the small business sector to achieve its full potential and enhance the significant contribution the sector already makes to the economic well-being of the country.

The Forum's recommendations have three fundamental objectives: creating a better environment for small enterprises; stimulating growth of small enterprises; and encouraging more and better start-ups. The ongoing implementation of the recommendations of the Forum, to the maximum extent possible, remains a priority for Government.

Considerable progress has already been made on the implementation of the recommendations of the Small Business Forum and I believe that the package of new and improved initiatives delivered over the last year, in response to the Forum's Report will continue to help unleash the full potential of the sector.