SENATOR Deirdre Clune has welcomed The Microenterprise Loan Fund Bill 2012 which aims to set up loans for small companies that have been previously refused credit from banks and other financial institutions. Speaking on the Bill yesterday afternoon Senator Clune added
“I am pleased that government has stepped in to help small businesses in this punishing environment. The Bill is badly needed because of the difficulties small companies are experiencing while trying to secure credit.
“According to the Bill a new company called Microfinance Ireland will initially be given €10 million to lend to small firms which are new to the marketplace and finding it challenging to obtain funding. It will aim to help companies with fewer than 10 employees with a turnover of under €2 million.
“It is very important that government has now recognised its role in helping small businesses to survive. Small enterprises are the life blood of the domestic economy and can be found in every town and village across the country.
“I have spoken to many small business owners in Cork who have been denied credit even when the loan is perfectly sustainable. In the future I hope that Microfinance Ireland can help these businesses flourish by giving them access to the credit which is sorely needed.”