Menu
09/01/2013
Minister Welcomes New Funds For Irish SME Sector
The Minister for Finance, Michael Noonan T.D., today welcomed the National Pensions Reserve Fund (NPRF) announcement of three new long-term funds that will provide equity, credit and restructuring / recovery investment for Irish small and medium-sized businesses (SMEs) and mid-sized corporates.
The Minister said: "I am pleased that the National Pensions Reserve Fund has agreed the establishment of the funds that I referenced in my Budget speech in such a speedy manner. The NPRF has taken a lead role in the development of the three funds and will be a cornerstone investor in each alongside additional investment from third-party investors.
"Two of these funds will play a very important role as they will focus on businesses that either have overleveraged balance sheets or businesses that are underperforming and can be turned around. The third fund is focused on larger SMEs that require credit. The provision of this credit will serve to protect existing jobs and assist in the creation of new jobs.
"The work of these funds will also complement the credit available to SMEs from the pillar banks. I have been informed by the Credit Review Office that both AIB and Bank of Ireland met their commitment to make credit of €3.5 billion available to SMEs in 2012. The Government expects the pillar banks to meet their commitment to make €4 billion of credit available in 2013 as it is in the interest of both our economy and the banks' own interest to be lending to businesses that are operating in a growing economy.
"I placed SMEs at the centre of Budget 2013. The establishment of these funds will complement the 10 point plan for SMEs. The Government is determined to do everything in our power to assist SMEs to grow and take on additional staff as it is only through the growth of the SME sector that we will address the unemployment crisis."
(CD/GK)
The Minister said: "I am pleased that the National Pensions Reserve Fund has agreed the establishment of the funds that I referenced in my Budget speech in such a speedy manner. The NPRF has taken a lead role in the development of the three funds and will be a cornerstone investor in each alongside additional investment from third-party investors.
"Two of these funds will play a very important role as they will focus on businesses that either have overleveraged balance sheets or businesses that are underperforming and can be turned around. The third fund is focused on larger SMEs that require credit. The provision of this credit will serve to protect existing jobs and assist in the creation of new jobs.
"The work of these funds will also complement the credit available to SMEs from the pillar banks. I have been informed by the Credit Review Office that both AIB and Bank of Ireland met their commitment to make credit of €3.5 billion available to SMEs in 2012. The Government expects the pillar banks to meet their commitment to make €4 billion of credit available in 2013 as it is in the interest of both our economy and the banks' own interest to be lending to businesses that are operating in a growing economy.
"I placed SMEs at the centre of Budget 2013. The establishment of these funds will complement the 10 point plan for SMEs. The Government is determined to do everything in our power to assist SMEs to grow and take on additional staff as it is only through the growth of the SME sector that we will address the unemployment crisis."
(CD/GK)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
18 June 2013
Call For SMEs To Engage Fully With Their Banks
Fine Gael Cork North Central Deputy, Dara Murphy, has called on cash strapped small and medium enterprises (SMEs) to engage fully with their banks as a range of measures have been put in place in recent months to assist business owners, many of which they may not be aware.
Call For SMEs To Engage Fully With Their Banks
Fine Gael Cork North Central Deputy, Dara Murphy, has called on cash strapped small and medium enterprises (SMEs) to engage fully with their banks as a range of measures have been put in place in recent months to assist business owners, many of which they may not be aware.
16 October 2019
Invest NI Launches New Equity Funds For SMEs
Local SMEs with high potential for growth could be set to benefit from two Equity Funds recently launched by Invest NI. Part funded by the European Regional Development Fund, the agency has committed £95 million in total to establishing the new funds, with a range of firms eligible for the support.
Invest NI Launches New Equity Funds For SMEs
Local SMEs with high potential for growth could be set to benefit from two Equity Funds recently launched by Invest NI. Part funded by the European Regional Development Fund, the agency has committed £95 million in total to establishing the new funds, with a range of firms eligible for the support.
29 November 2011
SMEs 'Are Granted Credit': Report
An independent report on the demand for credit by Small and Medium Enterprises (SMEs) has been published today. The independent report was commissioned by the Department of Finance and shows 36% of SMEs surveyed requested bank credit in the period April-September 2011. When applications pending were excluded, 70% of those requests were approved.
SMEs 'Are Granted Credit': Report
An independent report on the demand for credit by Small and Medium Enterprises (SMEs) has been published today. The independent report was commissioned by the Department of Finance and shows 36% of SMEs surveyed requested bank credit in the period April-September 2011. When applications pending were excluded, 70% of those requests were approved.
17 October 2012
Union Welcomes Credit Guarantee Scheme
SIPTU has welcomed the Government's decision to commence with a credit guarantee scheme for businesses but with over 435,000 on the Live Register believes much more must be done to get people back to work.
Union Welcomes Credit Guarantee Scheme
SIPTU has welcomed the Government's decision to commence with a credit guarantee scheme for businesses but with over 435,000 on the Live Register believes much more must be done to get people back to work.
05 June 2003
Open + Direct’s online system scores footie deal
Fans of Premier League side Tottenham Hotspur can now spread the cost of a new season ticket over 10 easy monthly direct debit instalments thanks to a new agreement with Belfast-based Open + Direct Retail Finance.
Open + Direct’s online system scores footie deal
Fans of Premier League side Tottenham Hotspur can now spread the cost of a new season ticket over 10 easy monthly direct debit instalments thanks to a new agreement with Belfast-based Open + Direct Retail Finance.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
