Thursday, 7 November 2019
Department of Jobs, Enterprise and Innovation
Enterprise Support Schemes
121. To ask the Minister for Jobs, Enterprise and Innovation the number of approved applicants to the future growth loan scheme that have or have not drawn down funding in the six-month eligibility period in tabular form. [46004/19]
The Future Growth Loan Scheme makes up to €300 million worth of loans available with a term of eight to ten years and is open to eligible Irish businesses, including those in the primary agriculture and seafood sectors, to support strategic long-term investment. Finance provided under the scheme is competitively priced and has favourable terms, for example, no security is required for loans up to €500,000.
The scheme has been developed by my Department and the Department of Agriculture, Food and the Marine in partnership with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI) and the European Investment Fund.
Loans to businesses under the scheme can be used to fund investments in equipment, machinery, buildings and associated overhead costs for organisational and/or process innovation. Loans to primary agriculture under the scheme can be used to fund investment in tangible and intangible assets on agricultural holdings linked to primary agricultural production.
The Future Growth Loan Scheme features a two-stage application process. Applications for eligibility under the scheme is made through the SBCI website. The SBCI assesses the applications and successful applicants are issued an eligibility reference number.
Eligible businesses may then apply for a loan under the scheme with one of the participating finance providers using the eligibility reference number. Approval of loans under this scheme is subject to the finance providers’ own credit policies and procedures.
As at 1 November, there have been 1,814 applications for eligibility under the scheme, of which 1,724 had been deemed eligible. 89 eligibility applications are pending processing, while one has been deemed ineligible. To date, 431 applications have progressed to sanction at bank level.
Given the volume of applicant businesses whose eligibility codes are still valid, it is not possible to say definitively what number of applicants have received eligibility approval but not proceeded with their application.
|Applications for Eligibility as at 1st November 2019|
|Progressed to sanction||431|