AN INVESTMENT FUND of €125 million for small and medium businesses was announced today by Minister for Jobs, Enterprise and Innovation, Richard Bruton.
The capital fund aims to address the equity gap for companies that need capital for expansion and will be managed by the London based MML Growth Capital.
Enterprise Ireland has committed €25 million under the Government’s Development Capital Scheme, with AIB, the European Investment Fund, GoldPoint Partners, and two United States subsidiaries of the Cigna Corporation making up the balance.
Create and innovate
The Irish Software Association (ISA) welcomed the funding announcement stating that while the fund will not solve the funding gap, it will help tech businesses “create” and “innovate”.
Edel Creely, ISA Chair and Managing Director of Trilogy Technologies, said it will give some SMEs access to funding to finance potential new revenue streams and to export globally.
She said it also gives a strong signal to Ireland’s SME community that the government recognises the potential of the SME sector to deliver jobs and an innovation-intensive economy.
Minister Bruton said that today’s announcement will mean that the first funds under this scheme will now start flowing into the market which will mean that more companies will be able to access the required development capital, enabling them to expand into export markets and create new jobs.
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