Nicky McFadden (Longford-Westmeath, Fine Gael)
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To ask the Minister for Jobs, Enterprise and Innovation if he will outline the number of businesses in County Westmeath that have so far applied for and availed of the microfinance scheme, the credit guarantee scheme and the development capital scheme; and if he will make a statement on the matter. [6454/13]

Richard Bruton (Dublin North Central, Fine Gael)
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Microfinance Ireland (MFI) opened for business on Monday 1st October 2012. MFI will publish 2013 quarterly reports on its website www.microfinanceireland.ie. No applications for loans had been received by MFI from Westmeath based companies as at 31st December 2012. MFI is actively promoting the availability of its loan fund, for microenterprises with less than 10 staff, and is focusing on a media campaign to raise awareness of the Scheme across the country.

The Credit Guarantee Scheme went live on Wednesday 24th October 2012. My Department will publish quarterly reports for 2013 on the Department’s website www.djei.ie. One Credit Guarantee Scheme Facility has been approved to an SME in Westmeath as at 31st December 2012.

Bank of Ireland, AIB and Ulster Bank are participating in the Guarantee Scheme. The Department and the Operator are in regular contact with the participating banks to improve take-up of the scheme, however, the Deputy will be aware that the Scheme will be demand-led. Potential borrowers are being advised to contact the participating banks directly. The Department will of course keep a close eye on developments in respect of the scheme as matters unfold.

With regard to the Development Capital Scheme, €225million in funding will be available to create funds that would invest between €2 million and €5 million in medium sized established companies by way of equity, quasi equity and/or debt.

Following an extensive due diligence process, the Board of Enterprise Ireland at its December 2012 meeting approved a number of commitments to Fund Managers, in principle. These Fund Managers are now in the process of fundraising and/or closing their funds, allowing them to commence investing in Irish companies. The timeline for this process is driven by the private sector.

The funds will be managed by private sector Fund Managers who will make investment decisions in the context of an agreed fund investment strategy. These Funds will be established and announced in the near term, and the Fund Managers will then commence investment. At this point no monies have been drawn down. It is forecast that approximately 50 Irish companies will receive investment to support their growth strategies.