Michael Ring (Mayo, Fine Gael)
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20. To ask the Minister for Enterprise, Trade and Employment if a further round of funding (details supplied) will be made available; and if he will make a statement on the matter. [62612/22]

Leo Varadkar (Dublin West, Fine Gael)
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The Department of Enterprise, Trade & Employment is actively working with the Strategic Banking Corporation of Ireland on new loan schemes.

The Ukraine Credit Guarantee Scheme will release up to €1.2 billion in lending to assist the liquidity needs of SMEs, farmers, fishers and small mid-caps. Increased energy costs are driving increased costs in every area of business operations. Viable businesses need access to cashflow funding to ensure they can continue to operate, pay their employees and pay their suppliers.

The relevant amendments to the Credit Guarantee Act have been enacted this December, with the legal and operational elements being finalised to allow for deployment of the Scheme this winter. To ensure that businesses can avail of loans to meet their liquidity needs this winter, a pre-allocation has been made available to the two pillar banks which is well advanced. This will significantly increase the pace of the deployment of the scheme and the availability of loans in the market.

The new Growth and Sustainability Loan Scheme will make up to €500 million in low-cost investment loans of up to 10 years available to SMEs, including farmers and fishers and small mid-caps, with no collateral required for loans up to €500,000. A minimum of 30% of the lending volume will be targeted towards environmental sustainability. 70% of lending will be for strategic investments with a view to increasing productivity and competitiveness and thus underpinning future business sustainability and growth. It is anticipated that it will be launched in the market in the first half of 2023.