Menu
12/04/2012
New Govt Scheme To Support Growing Irish Companies Launched
The Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. today launched the €150 million Development Capital Scheme and issued a call to Fund managers to signal their interest in establishing Funds to invest in Irish SMEs. The announcement was made at a briefing for the financial services community in the IFSC on the Action Plan for Jobs.
Under the new fund, the Government through Enterprise Ireland will invest a total of €50million in two Funds with the target of leveraging a further €100m from the private sector. The announcement of the call represents the delivery of a major commitment in Action Plan for Jobs 2012.
The Development Capital Scheme is aimed at addressing a funding gap for mid-sized, high-growth, Irish businesses with significant prospects for growth and job-creation. This Scheme will increase the availability of risk capital for Irish medium-sized enterprises engaged in manufacturing and technology, as well as high-growth trading services companies in Ireland – in specific sectors including engineering, food, life sciences, and electronics. The typical companies that are expected to benefit are in the range 60-160 employees.
This Scheme forms part of a suite of new measures being rolled out to improve access for credit as part of Action Plan for Jobs 2012:
•Micro-finance scheme for micro-enterprise
•Temporary partial loan guarantee scheme for SMEs
•Development Capital Scheme for mid-sized companies, primarily in traditional industries
•Innovation Fund Ireland for high-tech companies
Making the announcement at a briefing attended by members of the financial services community, Minister Bruton said: "A key part of this Government’s plan for growth and job-creation is building a powerful engine of indigenous enterprise. Our ambition must not only be to attract the next Google or Microsoft to Ireland, but to develop and grow the next Google or Microsoft in Ireland.
"Through the Action Plan for Jobs, we will implement a range of measures to ensure that indigenous businesses, which employ the large majority of people in this country, have access to the supports they need in order to start-up and grow in the way we need them to. One key aspect of this is access to finance – we must not only ensure that the banks restart lending in the normal way, but also implement a series of measures targeted at sectors with potential for high levels of employment growth.
"In Ireland, in contrast to many other countries, we have a shortage of large indigenous companies in manufacturing, technology and services. Mid-sized, high-growth Irish companies in these sectors often do not grow to their potential for various reasons – one of which is a lack of access to the right kind of finance. Ensuring that these companies can continue to grow and create jobs in Ireland is a crucial part of the Government’s job-creation strategy, and the €150million Development Capital Scheme will play a crucial role in this."
(CD)
Under the new fund, the Government through Enterprise Ireland will invest a total of €50million in two Funds with the target of leveraging a further €100m from the private sector. The announcement of the call represents the delivery of a major commitment in Action Plan for Jobs 2012.
The Development Capital Scheme is aimed at addressing a funding gap for mid-sized, high-growth, Irish businesses with significant prospects for growth and job-creation. This Scheme will increase the availability of risk capital for Irish medium-sized enterprises engaged in manufacturing and technology, as well as high-growth trading services companies in Ireland – in specific sectors including engineering, food, life sciences, and electronics. The typical companies that are expected to benefit are in the range 60-160 employees.
This Scheme forms part of a suite of new measures being rolled out to improve access for credit as part of Action Plan for Jobs 2012:
•Micro-finance scheme for micro-enterprise
•Temporary partial loan guarantee scheme for SMEs
•Development Capital Scheme for mid-sized companies, primarily in traditional industries
•Innovation Fund Ireland for high-tech companies
Making the announcement at a briefing attended by members of the financial services community, Minister Bruton said: "A key part of this Government’s plan for growth and job-creation is building a powerful engine of indigenous enterprise. Our ambition must not only be to attract the next Google or Microsoft to Ireland, but to develop and grow the next Google or Microsoft in Ireland.
"Through the Action Plan for Jobs, we will implement a range of measures to ensure that indigenous businesses, which employ the large majority of people in this country, have access to the supports they need in order to start-up and grow in the way we need them to. One key aspect of this is access to finance – we must not only ensure that the banks restart lending in the normal way, but also implement a series of measures targeted at sectors with potential for high levels of employment growth.
"In Ireland, in contrast to many other countries, we have a shortage of large indigenous companies in manufacturing, technology and services. Mid-sized, high-growth Irish companies in these sectors often do not grow to their potential for various reasons – one of which is a lack of access to the right kind of finance. Ensuring that these companies can continue to grow and create jobs in Ireland is a crucial part of the Government’s job-creation strategy, and the €150million Development Capital Scheme will play a crucial role in this."
(CD)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
04 December 2018
Imperva To Establish New Office In Belfast
A leading global provider of cybersecurity solutions, is expanding its operations with a new office in Belfast, creating 220 new jobs.
Imperva To Establish New Office In Belfast
A leading global provider of cybersecurity solutions, is expanding its operations with a new office in Belfast, creating 220 new jobs.
07 November 2012
Minister Leads Mission Of 30 Irish Firms To Canada
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, departs today to lead an Enterprise Ireland trade mission of 30 Irish companies to Canada. The objectives of the trade mission are to boost trade between the two countries, and help Irish companies grow their export sales and create jobs in Ireland.
Minister Leads Mission Of 30 Irish Firms To Canada
The Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, departs today to lead an Enterprise Ireland trade mission of 30 Irish companies to Canada. The objectives of the trade mission are to boost trade between the two countries, and help Irish companies grow their export sales and create jobs in Ireland.
08 March 2013
New Funding For Irish Firms Will Help Them Grow
Speaking from Austin, Texas where he is leading a trade mission the Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. today, announced the second investment by Enterprise Ireland under the Innovation Fund Ireland programme with Highland Capital Partners Europe.
New Funding For Irish Firms Will Help Them Grow
Speaking from Austin, Texas where he is leading a trade mission the Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. today, announced the second investment by Enterprise Ireland under the Innovation Fund Ireland programme with Highland Capital Partners Europe.
02 July 2002
Audit Office criticise order of old business agency
The Northern Ireland Audit Office (NIAO) has published a report which criticises the allocation of public funds by now-defunct small business agency Ledu.
Audit Office criticise order of old business agency
The Northern Ireland Audit Office (NIAO) has published a report which criticises the allocation of public funds by now-defunct small business agency Ledu.
28 August 2009
India Is Business Target For NI
Smaller manufacturing companies in Northern Ireland are being helped to win new business in India. Omagh consultancy firm Outsource Ireland is helping them get new contracts or maintain existing customers by linking up with lower cost suppliers in India.
India Is Business Target For NI
Smaller manufacturing companies in Northern Ireland are being helped to win new business in India. Omagh consultancy firm Outsource Ireland is helping them get new contracts or maintain existing customers by linking up with lower cost suppliers in India.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
