FF welcomes long awaited legislation on credit guarantee scheme for SMEs

Fianna Fail Spokesperson on Small Business John McGuinness TD has welcomed the long- awaited publication of the Credit Guarantee Bill, aimed at helping a large number of small and medium sized businesses to access credit.

Deputy McGuinness said, “Over the past year, the Government has announced and re-announced the setting up of the Temporary Partial Credit Guarantee Scheme on countless occasions raising the hopes of SMEs around the country that the scheme was ready to go.  It is crucial that this scheme delivers for small businesses that have previously been refused credit due to insufficient collateral.

“I am urging the Jobs Minister Richard Bruton to progress the €100million Micro Finance Loan Scheme which was promised along with the Temporary Partial Credit Guarantee Scheme on numerous occasions, but still has not been published. These two schemes were identified as the number one priority for SMEs last year. According to Minister Bruton’s Jobs Plan, the Micro Finance Fund won’t begin lending until the third quarter of 2012. This is despite the Government’s promise in May and again in September that both schemes would be up and running by the end of 2011.

“I will be studying the Credit Guarantee Bill in detail and look forward to debating it as soon as possible.  I am urging Minister Burton to ensure it comes before the Dáil within the next few weeks to that the legislation is enacted before the Summer,” said Deputy McGuinness.