Fianna Fáil Spokesperson on Small Business Regulatory Framework John McGuinness TD has today published extensive policy proposals aimed at supporting small to medium sized businesses.

The policy document sets out a clear pathway to incentivise entrepreneurs to setup business, provide direct funding to SME’s and simplifying the regulatory framework to enable Irish companies access a greater share of public procurement tenders.

Deputy McGuinness commented, “Irish SME’s make an enormous contribution to the Irish economy. They act as the engine of job creation and account for 99% of all firms currently operating in the country. SME’s have huge potential to create local and sustainable employment if given the opportunity and support to expand. The policy document which I have unveiled today, following extensive consultation with small businesses, sets out a roadmap to achieve this.

“At the heart of our policy proposals are detailed measures to reward SME’s and low income self-employed persons who create employment. Some of the key measures in the document include;

  • Extending social protection supports to the self-employed;
  • Establishment of a fully licensed state enterprise bank and mechanisms to incentivise crowd funding to provide credit directly to SME’s;
  • Make commercial rates work for business by revamping the current system;
  • Provide progressive relief from employers’ PRSI for job creation;
  • Enable SMEs access a greater share of public procurement tenders.

“Just this week alone Ireland’s World Bank ranking for ease of doing business sank 4 places. The proposals we have unveiled in this policy paper provide a pathway for getting Ireland into the top 10.

“Our detailed proposals will incentivise small business start-ups, provide direct accessible SME funding sources, promote entrepreneurism, embrace the latest technological tools and remove any disproportionate regulatory burdens.”