Seán Fleming (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

30. To ask the Minister for Jobs, Enterprise and Innovation the amount of loans guaranteed to date under the credit guarantee scheme; his plans to review the scheme to improve its take up; and if he will make a statement on the matter. [12167/14]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The SME Credit Guarantee Scheme (CGS) was established under the Credit Guarantee Act 2012, to address specific market failures in lending to SMEs and in response to calls from business interests. It is a novel Scheme in an Irish context and it is currently developing a position in the Irish financial arena. My Department, along with the CGS operator, Capita, and the participating lenders has committed significant time and resources to the establishment and operation of this Scheme. While demand for the scheme has been lower than anticipated, it has, nonetheless to year end 31 December 2013 supported additional lending of some €9.788 million to 72 companies and supported 409 new jobs, while maintaining 236 jobs.

The recently completed review of the Scheme has recommended some changes that could lead to increased take-up if they are addressed. We are nearing completion of the review process, having consulted widely with stakeholders on the proposed changes. I will shortly be bringing a Memorandum to Government seeking approval to amend the Credit Guarantee Act and I am confident that the necessary legislative amendments will be made by the Oireachtas in the coming months, with a view to the earliest possible re-launch of the scheme. My Department publishes quarterly progress reports on the SME Credit Guarantee Scheme on its website www.enterprise.gov.ie. The progress report detailing the analysis and performance for the quarterly period ending 30 September 2013 is available on my Department’s website. The progress report for the period to December 2013 will be published shortly.