Pearse Doherty (Donegal South West, Sinn Fein)
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Question 144: To ask the Minister for Jobs, Enterprise and Innovation the position regarding discussions between his Department and other relevant Departments on the programme for Government commitment to construct a €100 million microfinance start up fund that will provide start up loans and equity that draws funding from the NPRF and private institutional funds. [18604/11]

Richard Bruton (Dublin North Central, Fine Gael)
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As Minister for Jobs, Enterprise and Innovation, I recognises the importance of supporting business start-ups if we are to encourage entrepreneurship and create more jobs. I also acknowledge that micro enterprises can find it very difficult to access funding from traditional sources, particularly at start-up phase.

For this reason, the Minister for Finance and I confirmed on 10 May last, as part of the recent Jobs Initiative, that the Government is committed to setting up a dedicated Microfinance Start-Up Fund that will provide start-up and expansion loans to potentially viable businesses at the micro level. The Fund, including scheme design and appropriate delivery mechanisms, will be developed with a view to formalising proposals in the context of Budget 2012.

My Department is taking the lead on this initiative and has almost concluded detailed discussions with relevant stakeholders, including the Department of Finance, the Department of Public Expenditure and Reform and the European Investment Bank. Work is currently progressing on the development of a suitable model for delivery.