Peadar Tóibín (Meath West, Sinn Fein)
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Question 291: To ask the Minister for Jobs, Enterprise and Innovation if the envisaged Social Finance Foundation will be structured in such as way as to the enable it to make an application under the EU progress micro enterprise fund. [21367/12]

Richard Bruton (Dublin North Central, Fine Gael)
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Loans from the Microfinance Loan Fund will be administered under the remit of the Social Finance Foundation on behalf of the Minister for Jobs, Enterprise and Innovation. The European Progress Microfinance Facility is a European Investment Fund (EIF) initiative to support entrepreneurship and employment through microfinance activities. It was established by the EU Commission in 2010. Initial engagement has already taken place between Social Finance Foundation and the EIF in relation to the EU Progress Microfinance Guarantee Facility. Formal application will be made for the EU Progress Microfinance Guarantee Facility on establishment of the Microfinance Fund. A rigorous due diligence process is required to secure EIF accreditation.