Niall Collins (Limerick County, Fianna Fail)
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291. To ask the Minister for Jobs, Enterprise and Innovation if a low-cost credit fund will be extended to all SMEs as was announced for the agrifood sector in budget 2017; and if she will make a statement on the matter. [38268/16]

Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)
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Short, medium and long term responses are needed for Irish business as a result of significant currency fluctuations since the Brexit vote, mostly - though not all - involving sterling losing value against the euro. These responses include market diversification, cost reduction, value-addition, innovation and price repositioning. My Department and Agencies are putting in place measures to address these issues for client companies.

In terms of the Government response to Brexit, my Department, together with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI) and Enterprise Ireland (EI), is working on the issue of short term support for vulnerable but viable companies impacted by the Brexit referendum.

One of my clear objectives is to pursue and design a tailored, targeted evidence based response to industry’s real needs. In this respect, I initiated a structured dialogue with industry via focus groups in order to tailor a survey of needs and, on conclusion of that process, I will, if appropriate, bring forward proposals to address the ongoing concerns of Irish firms. Focus groups have met within the past week in Dublin, Cork, Athlone and Monaghan, and arrangements are being put in place to rapidly conduct a follow up survey.

At this point, and in view of the steps outlined above, it is too early to say whether the low cost credit initiative aimed at the agricultural sector and recently introduced by my colleague, the Minister for Agriculture and Food, Mr Michael Creed, T.D., can be replicated for the wider SME community. As mentioned above I will await the outcome of the evidence gathering process before determining the next steps.

From the strategic perspective, Enterprise Ireland continues to assist companies to maintain and grow UK exports and extend their international reach, as well as to help companies to enhance their competitiveness, and diversify into new markets. In addition, the Local Enterprise Offices and Inter-Trade Ireland are working closely with those clients likely to be impacted by Brexit to ensure that negative impacts are minimised and managed across all business sectors.