Quinlivan disappointed more than half of all applicants for the micro Finance Loan Fund unapproved
The Sinn Féin spokesperson for Jobs, Enterprise and Innovation Maurice Quinlivan TD has expressed disappointment that of the 2,275 loan applications to the Micro Finance Loan Fund only 1062 were approved. Speaking in response to a parliamentary question submitted to the Department of Jobs, Enterprise and Innovation, Deputy Quinlivan said:
“In the past four years from October 2012 to September 2016 just 1062 loan applications were approved.
“The total value of loans approved was €15.766 million while the amount drawn down was €13,254 million, with the average loan in the region of €15,000.
“Clearly the government and the Minister need to do more to encourage micro-enterprises to avail of the Fund and more importantly to assist them in the application process.
“An approval rating of under fifty percent raises questions about the administration of the Fund.
“The figures confirm there are major difficulties for small business's accessing finance and suggest more needs to be done when it comes to promotion and application support for this fund.
“Not for the first time small business finds itself the poor relation when it comes to departmental support”.