Professor Bill Tormey urges Dublin businesses to apply to Microfinance Scheme

Fine Gael Councillor Bill has urged small local businesses who have
been refused credit by the banks to apply to the Government’s new
Microfinance Scheme. The €90 million scheme has been available to
businesses since the beginning of October.

“This new scheme will be of huge benefit to small businesses in Dublin
which have been refused traditional sources of finance. Any business
or sole trader employing up to ten people who have been refused by the
banks for loans of up to €25,000 can apply. Over the ten-year lifetime
of the Scheme it is expected that over €90 million will be provided to
5,500 small businesses with the creation of up to 7,700 jobs,”
Councillor Sir William explained.

“The Government recognises the challenges facing small businesses
which are desperately struggling to stay afloat. Access to credit has
long been identified as one of the biggest hurdles for
micro-enterprises. Through this new Scheme we are directly targeting
those small businesses and traders who want to grow their business and
create jobs, but who are finding that they are being blocked from
credit.

“Small businesses are playing a vital role in our economy. They are an
outlet of innovation and creativity, as well as being an essential
source of employment in local communities. The Government wants to
ensure that a wider range of businesses which are refused credit by
the banks can access it through alternative sources. The Microfinance
Scheme will not only help existing businesses to move forward, it will
also help other start-ups to get off the ground,” he continued.

“Through the Microfinance Scheme, and a range of other supports
introduced under the Action Plan for Jobs including the Loan Guarantee
Scheme, the Development Capital Scheme and the Innovation Fund, the
Government is stepping in to make sure viable businesses are given the
support they need to succeed and create jobs.

“County and City Enterprise Boards will actively help applicants to
get their business cases together, and I am confident that thousands
of small businesses across the country stand to benefit. Further
details can be found at http://www.microfinanceireland.ie.”