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Written by Bob Tallent

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Created: 05 March 2015

Last Updated: 05 January 2016

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Written by Administrator

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Created: 30 November 2012

Last Updated: 05 January 2016

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Commitment given by government
to put growth at top of the agenda.

Richard Bruton - Minister for JobsMinister for Jobs Richard Bruton said at the beginning of November that the Government will put growth and competitiveness "at the top of the agenda" when it takes over the EU presidency in 2013.  He said that the EU relies on small business to drive growth forward.

Speaking at an EU conference for small and medium enterprises (SMEs) in Dublin, Richard Bruton commented that small firms across Europe are vital to the future growth of the European Union.He said "Maintaining competitiveness and strengthening the SME sector, in particular, are frontline policy objectives not only in Ireland but right across the EU.

"Europe's economic success depends critically on the ability of our SMEs to achieve their full potential. We have some 23 million SMEs throughout the union – 99 per cent of all businesses."

They provide more than two-thirds of all jobs in the private sector, with 25 per cent of SMEs exporting goods and services.”

Bruton added:

"Europe can only prosper if SMEs are given the right opportunities to grow, develop and trade. The Union’s economic success depends critically on the ability of small businesses to achieve their full potential. We have some 23 million SMEs throughout the union – 99 per cent of all businesses."

He went on to say that the Government would look to push an agreement on the proposed EU's €2.5bn Competitiveness and SME Programme, which "will help facilitate access to finance for SMEs, and help them operate outside their home market and seek to access new markets".

Bruton also highlighted some other worries saying that the "present eurozone and financial crises are tearing away at the very fabric of the single market".

Bob Tallent

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Written by Administrator

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Created: 01 November 2012

Last Updated: 05 January 2016

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Written by Administrator

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Created: 12 October 2012

Last Updated: 05 January 2016

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Well forgive me for laughing but the news that the Irish government’s latest business loan scheme for SME’s stands at a miserly €2 million per year is insulting. It’s designed to help small business’s bridge the funding gap with the aim of preserving jobs.

Although touted by the Department of Jobs, Enterprise and Innovation as a €10 million Microenterprise Loan Scheme it is spread out over 5 years.

This commitment of fresh funds is for firms who employ less than 10 people and whose turnover is under €2 million per year.

It’s all part of a larger package originally announced in June of €90 million to support those smaller companies who often have difficulty securing credit from Banks.

But the €90 million has a twist! It’s contingent on €40 million in bank funding following the initial €10 million committed by the department for the first five years the fund is active. During this time if it’s successful a further €10 million will be committed with observers saying that another €30 million in leverage would then follow.

So let’s do the math. Ten and ten is twenty, pus a possible 30 is 50. Then add in the bank funding and hey presto you have your €90 million.

But the only real money on the table right now is €10 million and that is over five years.

Statistics from the Central Bank for July and August show that the contraction rate of lending to these businesses fell by nearly €600 million during this period!

However, as usual the spin doctors have a great way of making €2 million sound like €90 million.

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