Mattie McGrath (Tipperary South, Independent)
Link to this: Individually | In context | Oireachtas source

703. To ask the Minister for Enterprise, Trade and Employment to outline all supports that are available to Ukrainian beneficiaries of temporary protection, or refugees or asylum seekers, to set up businesses in the State; and if he will make a statement on the matter. [19023/25]

Peter Burke (Longford-Westmeath, Fine Gael)
Link to this: Individually | In context | Oireachtas source

There are a range of business supports available through the network of Local Enterprise Offices (LEOs). There is a LEO in each of the 31 Local Authorities, and they are the first stop shop for local businesses in Ireland. In the first instance LEOs provide a signposting service for all government supports available to the SME sector and can provide information/referrals to other relevant bodies under agreed protocols e.g. Revenue, Micro Finance Ireland, Fáilte Ireland, LEADER, and Enterprise Ireland.

LEOs offer a range of supports that are available to anyone exploring the possibility of starting their own business. LEO Business advisors can provide advice and assistance in identifying the correct support to help new entrepreneurs to get their new business idea up and running. These supports include the Start Your Own Business (SYOB) programme, which guides clients through the various aspects of business and business planning. The objective of SYOB is to assist clients in honestly assessing their business idea, its viability and help them decide if they should proceed or take a step back. Many LEOs have recently reported that they have begun offering this service with the assistance of a translator to help non-english speaking residents, including Ukrainian refugees, within their Local Authority area to avail of the guidance provided by this programme.

LEOs also provide financial assistance by way of direct grants to help new small businesses to explore new ideas or help with start-up costs. The LEO Feasibility grant provides up to €15,000, to start-up companies or individual entrepreneurs to help with the cost of researching their proposed business idea to see if it could be viable and sustainable. The LEO Priming Grant is available to businesses trading less than 18 months and provides up to €150,000 or 50% of the investment, whichever is the lesser, to assist with the associated cost of starting a business including capital costs, salary cost consultancy, innovation or marketing costs and other general overhead costs.

LEOs can also assist by assigning mentors to help entrepreneurs to develop their business ideas. The Mentor Programme is open to both new and existing businesses and is designed to match up the knowledge, skills, insights, and entrepreneurial capability of experienced business practitioners with small business owner/ managers who need practical and strategic one to one advice and guidance. Mentors can assist new and existing entrepreneurs in navigating the potential pitfalls of starting and growing a small enterprise in Ireland and can offer invaluable experience and guidance to business owners to help them on their journey.

LEO Mentors can also assist small businesses owners with loan applications to Micro-Finance Ireland (MFI). MFI is a not-for-profit lender that offers small business for commercially viable proposals. MFI loans can be used to help fund start-up costs, working capital or business expansion and by applying through their Local Enterprise Office, clients can avail of a 1% reduction in the interest rate charged. These loans are available to any business (Sole Trader, Partnership or Limited Company) with less than 10 employees subject to certain eligibility criteria. The lending limit for MFI loans was increased in 2024, bringing the maximum loan available up to €50,000.

The National Enterprise Hub is also available to those who wish to start their own business, or indeed for those who already own a small business. The NEH is an all-of-government service, staffed by expertly trained advisors and is focused on helping businesses access a range of government supports. The hub brings together information and resources on over 250 government supports from 29 different Departments and State Agencies.

Information and support can be accessed through the website or by speaking to an advisor by phone or via live chat. This free service makes it easier to access and avail of business supports such as grants, funding, loans and expert advice across a range of sectors, including retail, tourism and hospitality, food and beverages. It also aims to engage with small businesses who have yet to avail of government support.

I would encourage anyone who is thinking of starting their own business, or indeed any existing small business owner, to speak with a business advisor in their Local Enterprise Office or contact the National Enterprise Hub.

Eoin Hayes (Dublin Bay South, Social Democrats)
Link to this: Individually | In context | Oireachtas source

704. To ask the Minister for Enterprise, Trade and Employment the steps he is taking to better encourage, through financial or non-financial measures, Irish private domestic investors and creditors to support the growth of Irish indigenous businesses; and if he will make a statement on the matter. [19088/25]

Peter Burke (Longford-Westmeath, Fine Gael)
Link to this: Individually | In context | Oireachtas source

My Department manages policy measures to support the investment ecosystem in Ireland. The Seed and Venture Capital (SVC) Scheme is the primary public source of indirect equity investment for funds who provide funding to innovative Irish start-ups. Over €700m has been invested to date, leveraging funds totalling €3.3bn. The estimates for the economic benefits (realised and anticipated) associated with SVC backed Irish firms over the 10 years 2013-2022 are €2.05bn in Gross Value Added (in real terms) with approximately 4,300 additional jobs created or 28 jobs per SVC backed firm on average.

In 2024, Minister Burke published a review of the Irish equity ecosystem with particular emphasis on the SVC Scheme. Following the positive findings of this review, Minister Burke secured an additional €75m in Budget 2025, bringing the total Scheme up to €250m. This will invest in Irish start up companies prioritising the key sectors of Life Sciences, Technology (including AI), and Climate Action. It will also aim for increased female entrepreneurship and diversity among management teams.

In July 2024, Minister Burke published the Report of the Finance for Scale-Ups Working Group which included three high level recommendations. Firstly, public funding to add supply of capital to the market. Secondly, incentives to direct existing private capital in the Irish market towards scaling investments. Finally, a review of the tax model and design instruments that incentivise investment into scaling companies.

Work is well underway to develop these recommendations, turning them into concrete actions. This work is expected to be completed by the end of Q3 2025. Successful implementation of these recommendations is expected to enhance Ireland’s investment ecosystem, increasing the supply of capital available for fund managers to invest in innovative Irish companies.

As regards credit providers, the €500m Growth and Sustainability Loan scheme provides lending to SMEs, including farmers and fishers and small mid-caps. Loans of between €25,000 and €3 million, with terms of up to 10 years and attractive terms and conditions, are available through the scheme to eligible SMEs through participating finance providers, with loans of up to €500,000 available unsecured. Up to 70% of lending is for strategic investments with a view to increasing productivity and competitiveness and thus underpinning future business sustainability and growth. The Growth and Sustainability Loan Scheme will operate until 30 June 2026 or until the scheme has been fully subscribed (whichever is earlier). As of 31 December 2024, 1,427 loans have been sanctioned for the amount of €313 million.

My Department also oversees the Irish Innovation Seed Fund (IISF), which is managed by the European Investment Fund (EIF) in conjunction with Enterprise Ireland. The €90m fund is made up of a €30m investment through Enterprise Ireland, which is matched by a €30m investment from the EIF. The €60m fund is managed by EIF. The Irish Strategic Investment Fund (ISIF) co-invest a further €30m alongside on a deal-by deal-basis. This fund invests in commercially focussed VC funds that target the Pre-Seed and Seed stages of development, across all Enterprise Ireland supported sectors, including e.g., ICT, Life Sciences and Climate.