Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

298. To ask the Minister for Jobs, Enterprise and Innovation the various non-bank sources of funding available to small and medium sized enterprises; the way SME's can access such funding; and if he will make a statement on the matter. [17682/14]

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

Access to Finance for SMEs is a key priority for this Government as evidenced by its importance within the Action Plan for Jobs process for the last 3 years. Again in 2014 Access to Finance has a crucial role to play in delivering the jobs agenda and the required cross Government work is continuing to address difficulties in the access to finance arena and to facilitate recovery and growth plans.

The Government provides a broad range of non-bank sources of funding for SMEs. Comprehensive information and details on over 90 such Government sources of funding are publicly available on the Department of Finance website:

Details on access to the various State sources of non-bank funding are set out in the links included on this table.

Further work has been undertaken to develop an interactive on-line tool which will provide SMEs with information on these various Government funding supports. The on-line tool has been trialled at the Government’s Taking Care of Business events held in March and April 2014 in Limerick, Galway and Cork; and it is expected that the final on-line tool will be launched shortly.

The various non-bank funding supports that my Department has responsibility for are included in the table and in the on-line tool. Funding and other supports are provided to SMEs by my Department through Enterprise Ireland, the Local Enterprise Offices and Science Foundation Ireland ranging from direct investment in SMEs to grants and advice and training supports. My Department has also established 2 schemes for enterprises that have been refused bank credit: the Microenterprise Loan Fund and the Credit Guarantee Scheme.

In addition to the wide range of State supports for SMEs there are many private sector non-bank funding options available for SMEs such as: Invoice Finance, Supply Chain Finance, Leasing, Peer-to-Peer lending and Crowdfunding. Through the Action Plan for Jobs 2013 and again in 2014, the various Departments and State Agencies are working together to develop and support new sources of non-bank finance for SMEs.