Written answers

Tuesday, 25 November 2014

Department of Jobs, Enterprise and Innovation

Small and Medium Enterprises Supports

Photo of Peadar TóibínPeadar Tóibín (Meath West, Sinn Fein)
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119. To ask the Minister for Jobs, Enterprise and Innovation the engagement his Department has had with the Department of Finance to increase small and medium enterprises' engagement with the Credit Review Office. [44361/14]

Photo of Richard BrutonRichard Bruton (Dublin North Central, Fine Gael)
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My Department has ongoing structured engagement with the Department of Finance across the range of access to finance issues for SMEs, including the operation of the Credit Review Office. The primary conduit for this engagement is the SME State Bodies Group, which is chaired by the Department of Finance and includes officials from my Department and Enterprise Ireland. The Credit Review Office itself is also represented on this Group.

Further, there is a subgroup of this main group which deals specifically with communicating to SMEs through a strategic plan, which again my Department takes part in. The Government is determined to improve the communication of its offering to SMEs and in this context has developed the “Supporting SMEs” online tool. I would urge Deputies to direct all SMEs to this online facility, which is available on a range of Government websites, including my own Department’s website and the Local Enterprise Office website. Where appropriate this tool will direct SMEs to the Credit Review Office.

I am aware that the Credit Review Office itself has taken part in a number of awareness raising activities such as national and regional radio advertising campaigns and it uses targeted trade press and focussed online campaigns targeting the SME and farming audience.

In the last 8 months the Credit Review Office has been involved in the following events:

- Presented at 4 accountancy CPD courses – Overview of the Credit Landscape in Ireland;

- Contributed to 4 Taking Care of Business Roadshows – Access to Finance presentation and Credit Review Stand;

- Contributed to 3 Financing Your Business – courses run by Skillnets;

- Had stands at 9 official openings of Local Enterprise Offices;

- Stand at ISME National Conference;

- Stand at SFA National Conference;

- Presentation on banking for SME start-ups in Limerick; and

- Quarterly meeting with the three representative organisations for SMEs: Chambers Ireland, ISME and SFA – and IFA for farming community to gather their collective views on credit issues facing their member SMEs.

The Credit Review Office has upheld 56% of the appeals in favour of borrowers, or with a commitment to reassess the lending in the future if agreed performance hurdles are met in the short term.

I believe that this is a vital service and was pleased to note in the most recent report of the Credit Reviewer that on the basis of his continuing discussions with Bank of Ireland, it does appear that over 85% of the businesses in which the Credit Review Office overturned the banks initial decision continue to trade.

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