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Debt forgiveness has reportedly been considered as an option by the subgroup, although sources close to the process said that it was too early to say what solutions would be offered to struggling SMEs.
TheJournal.ie has previously reported on problems with existing SME equity supports such as the Employment and Investment Incentive Scheme, the effectiveness of which the new subcommittee will also examine.
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Addressing the scale of the challenge, the consultation document states that “it is recognised that there is a real need to increase the levels of equity investment in Irish SMEs”.
The consultation is open for responses until the 30th of May.
A variety of investment vehicles have been suggested, including funnelling National Pension Reserve Fund cash through the National Treasury Management Agency’s Ireland Strategic Investment Fund.
Responding to the consultation, ISME chief executive Mark Fielding said:
Too many Irish SMEs have too little equity as a result of inadequete set-up equity because of the losses of the last six years…we do need to encourage an increase in equity finance in small and medium businesses.
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This is sad, really sad. As I wonder through my local shopping centre, and look at all the vacant units (another business gone last week) it is such a comfort to know that the Government is inviting “submissions” from SMEs, to go before the sub-committee of the Committee for doing bugger all.
The Government does not care about indigenous companies, they want to please the multinationals and get the people to work for slave wages for their pals. Dennis O. is rubbing his hands to see the small fortune that he’ll get for selling Irish water.
Sure dont they have the MicrofianceIreland.ie scheme? Advertised all over the radio. Does it work? No. Loads of forms and documentation yet less than 50% are approved. As bad as the banks.
Just shows how disconnected Government and Senior Civil Servants are from current commercial realities for SMEs.
They now invite submissions before 30 May 2014 – on a problem that has existed for some time – from interested parties for consideration by a sub group!
How innovative and original at a time when politicians are to engage with the masses?
Will the cynical strokes at Election time ever cease? Indicative of the contempt these “Insiders” hold for us ordinary folk.
That said, the initiative is welcome and here’s hoping “many pennies drop” on the lingering problem and on finding a solution.
I’m quite sure any form of direct financial support for companies would fall foul of eu regulations. And of fairness… If my competitor has been less financially prudent than me, why should my taxes pay for his debt?
Towns and city centre shops all over ireland are being choked to death with high rates & aggressive parking charges and restrictions, while the UK & international retailers are paying lower rates & free parking on the outskirts of town sacking up the little business that’s there moving profits abroad, paying little tax and turning town centres into run down vacant drunk drug hangouts.
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