Niall Collins (Limerick County, Fianna Fail)
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236. To ask the Minister for Jobs, Enterprise and Innovation the number of applications received by the microenterprise loan fund in each year since its establishment, in tabular form; the number of loans approved; the total amount drawn down; the number of jobs supported by the fund; her plans for its future development; and if she will make a statement on the matter. [15286/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The Deputy should be aware that much of the information sought is available in the Quarterly Reports provided to me by Microfinance Ireland and published on Microfinance Ireland’s and my Department’s website. For ease of reference I have detailed below the information that the Deputy has sought.

Microfinance Ireland (MFI) was established in 2012 to address a clearly perceived market failure in the area of the provision of lending to microenterprises. Since its incorporation MFI has loaned over €11 million to microfirms and in the process has helped to create and sustain over 2,000 jobs, a very satisfactory performance in a difficult market niche at a very difficult time.

To secure the future development of MFI my officials are in negotiations regarding securing a tranche of €10 million additional exchequer funding required to keep the Fund operating as a going concern beyond 2017 in line with company law requirements. This equity injection is combined with additional bank funding of €15 million. This will ensure that our SMEs continue to have the option of obtaining finance from Microfinance Ireland in order to create and sustain the jobs we need to continue growing our economy.

Activity in Microfinance Ireland 2012-2016 (to end March 2016)