Micro Finance Fund scheme will help Clare’s small viable businesses access credit and create jobs – BREEN

September 27th, 2012 - Pat Breen

Welcoming the news that the €90 million euros is to be invested in a new Microfinance Scheme which will be open for business from Monday next, Clare T.D. and Chairman of the Oireachtas Committee on Foreign Affairs Pat Breen said today (Thursday) that the scheme will help Clare’s small viable businesses to access credit and create jobs.

“The biggest complaint that I hear from many small viable businesses right across this County is that they cannot access credit. From next Monday, applications from businesses and sole traders across all sectors employing up to ten people who have been refused credit by the banks for loans up to €25,000 will be accepted and processed. Further details and applications forms can be found on www.enterpriseboards.ie” I would advise Companies or sole traders in this County to go and visit the Clare Enterprise Board who will be able to give them further advice on the application process. “

“This Scheme will initially facilitate €40 million in additional lending over the next five years to businesses employing not more than 10 people, with the provision for the scheme to be extended to provide an additional €50 million of lending over a further five years at that point. “

“This Government recognises the difficulties for businesses which have been refused credit by the Banks and I would like to complement the Minister for Enterprise and Innovation Richard Bruton T.D. and the Minister of State for Small Business John Perry T.D. for bringing this Scheme to fruition.”

“There are many vibrant businesses throughout this County and people who have a business idea, but lack the capital to get it off the ground, whether they are unemployed or already in a job, will now be able to access the crucial finance that they need.”

“The Micro Finance Fund Scheme is a key part of our Governments Jobs Action Plan and along with the Credit Guarantee Scheme and the Credit Review Office will help Clare businesses employ more staff by encouraging banks to lend more by reducing the risk involved.”