Written answers

Tuesday, 26 March 2013

Department of Jobs, Enterprise and Innovation

Microenterprise Loan Fund Expenditure

Photo of Peadar TóibínPeadar Tóibín (Meath West, Sinn Fein)
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To ask the Minister for Jobs, Enterprise and Innovation the amount set aside for loans from the microenterprise loan fund from Government; and the amount leveraged in from private sector for 2013. [14925/13]

Photo of Richard BrutonRichard Bruton (Minister, Department of Jobs, Enterprise and Innovation; Dublin North Central, Fine Gael)
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At a meeting on 24 November 2011 the Government approved the allocation of €10 million in the form of a non-repayable grant as seed capital for the Microenterprise Loan Fund. The allocation of €10 million to Microfinance Ireland was met from savings in the Vote of my Department. Using an initial 5 year horizon, this €10 million seed capital, supplemented by a further €15 million bank borrowing in tranches of €5 million over years 2, 3 and 4, is expected to generate €40 million in loan expenditure and create 3,800 jobs over a 5 year period. To date, no private sector financing has been utilised, but Microfinance Ireland, through its parent Social Finance Foundation, has been engaged in discussions with banks in recent months with a view to obtaining loan funding during the Summer of 2013.

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