Willie O'Dea (Limerick City, Fianna Fail)
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Question 314: To ask the Minister for Jobs, Enterprise and Innovation if the structure of the micro finance loan facility has been finalised; if not, when this will be completed; and if he will make a statement on the matter. [20053/12]

Richard Bruton (Dublin North Central, Fine Gael)
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Heads of a Bill to give effect to the Microfinance Fund have been agreed by Government and the Bill is due for publication in Quarter 2 2012. The Fund will be managed and controlled by the Social Finance Foundation (SFF).

Funding of €10m has been allocated as seed capital for the Fund in the Department of Jobs, Enterprise and Innovation's Vote for 2012. It is anticipated that this €10m will be supplemented by leveraging further funding from private sources, including the banks.

Initial engagement has also taken place with the EIF in relation to the EU Progress Microfinance Guarantee Facility. A rigorous due diligence process is required to secure EIF accreditation which will continue in Quarter 2. Following EIF approval of the guarantee facility, and subject to completion of the statutory process it is anticipated that the Loan Fund will become operational in late Summer.