Seán Sherlock (Cork East, Labour)
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464. To ask the Minister for Jobs, Enterprise and Innovation the number of small and medium enterprises which have accessed funds from the EU Competitiveness of Enterprises and Small and Medium-sized Enterprises financial instrument since August 2014 to date; and the amount drawn down in each instance. [32739/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The European Union Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) runs from 2014 to 2020, with an overall budget of €2.23bn.

The objectives of COSME includes facilitating access to finance for Small and Medium-sized Enterprises (SMEs) and to increase the sustainable competitiveness of EU companies and help small businesses operate outside their home countries. COSME also aims to create an environment favourable to business creation and growth, and encourage an entrepreneurial culture in Europe.

This Government established the Strategic Banking Corporation Ireland (SBCI) as a national SME-focused lending institution, operating with a public policy mandate and with the capacity to serve as a platform to deliver EU financial instruments to SMEs in Ireland. The SBCI is a private limited company established under the Strategic Banking Corporation of Ireland Act 2014 and the issued share capital of the SBCI is owned solely by the Minister for Finance.

The SBCI has committed under the Action Plan for Jobs to maximising our engagement with the relevant elements of the Multiannual Financial Framework, including COSME, so as to ensure there are no untapped or under utilised sources of framework or other funding available to SME sector in Ireland. In this context, it has been agreed that the emphasis should be on targeting those financial instruments that are potentially of most benefit to SMEs in Ireland.

I can confirm that the SBCI has obtained initial approval from the European Investment Fund and should reach final agreement on a financial instrument supported by the COSME programme in the next few months. This will support the provision of additional funding to our SMEs and ensure that they can access funding in order to expand, service new markets and grow employment.

Seán Sherlock (Cork East, Labour)
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465. To ask the Minister for Jobs, Enterprise and Innovation if the loan guarantee facility under COSME, the Competitiveness of Enterprises and Small and Medium-sized Enterprises, has been set up here; and if so, the instrument under which and through which financial intermediary. [32740/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The European Union Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) runs from 2014 to 2020, with an overall budget of €2.23bn.

The objectives of COSME includes facilitating access to finance for Small and Medium-sized Enterprises (SMEs) and to increase the sustainable competitiveness of EU companies and help small businesses operate outside their home countries. COSME also aims to create an environment favourable to business creation and growth, and encourage an entrepreneurial culture in Europe.

One of the means by which this objective can be achieved is through the use of EU financial instruments, which are a key component of the COSME programme. The Strategic Banking Corporation of Ireland (SBCI) has been in active discussions with the European Investment Fund (EIF) on the use of European financial instruments in order to optimise the funding support available to Irish SMEs.

I am pleased to confirm that following a detailed due diligence process, the SBCI has obtained initial approval from the European Investment Fund and intends to reach final agreement on a financial instrument supported by the COSME programme in the next few months.

The purpose of this financial instrument will be to facilitate the deployment of additional funding, and to enhance access to finance for Irish SMEs which will help them scale, service new markets and grow employment.

The Government is committed to supporting the financing needs of SMEs in all sectors of the economy and ensuring that there is an adequate supply of affordable and appropriate credit to meet their needs.

Seán Sherlock (Cork East, Labour)
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466. To ask the Minister for Jobs, Enterprise and Innovation if her attention has been drawn to the COSME, Competitiveness of Enterprises and Small and Medium-sized Enterprises, programme improving access to finance for small and medium-sized enterprises; and the engagement her Department has had, if any, with State agencies and financial institutions on this matter. [32741/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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The European Union Programme for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) runs from 2014 to 2020, with an overall budget of €2.23bn.

The objectives of COSME includes facilitating access to finance for Small and Medium-sized Enterprises (SMEs) and to increase the sustainable competitiveness of EU companies and help small businesses operate outside their home countries. COSME also aims to create an environment favourable to business creation and growth, and encourage an entrepreneurial culture in Europe

I can confirm that my Department has been actively engaged with the European Commission, the Department of Finance and the Irish financial intermediaries in relation to engaging with the financial instruments available under the COSME programme.

I can also confirm that the Strategic Banking Corporation of Ireland has obtained initial approval from the European Investment Fund and should reach final agreement on a financial instrument supported by the COSME programme in the next few months.

This will support the provision of additional funding to SMEs in Ireland and ensure that they can access funding in order to expand, service new markets and grow employment.