Mick Wallace The Government don't want to Retender & change Contract format for #ChildrensHospital - only explanation I can thin… https://t.co/yQ1uEAxrdB
Mick Wallace Good to meet ye today and will talk soon... And looking forward to visiting Clare for #EP2019 .... https://t.co/snVVRMZvm0
Mick Wallace The workings of #NAMA represent the biggest financial scandal in the history of the State, causing a loss of at lea… https://t.co/uodUUxJZgh
Mick Wallace The beautiful #NotreDame can be rebuilt, the artic circle, extinct animal species + ozone layer cannot, thanks to C… https://t.co/pe1OhBOPV2
To ask the Minister for Jobs, Enterprise and Innovation if priority will be given to indigenous companies located in unemployment blackspots such as the south east in addressing the funding gap for mid-sized, high growth indigenous companies with significant prospects for jobs and export growth, as per the development capital scheme outlined in the Government’s action plan for jobs; if he will detail the time frame for the design and launch of the scheme; and if he will make a statement on the matter. - Mick Wallace. For ORAL answer on Wednesday, 29th February, 2012.   REPLY The Development Capital Scheme as outlined in the Action Plan for Jobs has been developed to complement the existing range of financial supports offered by Enterprise Ireland (EI). Other initiatives are already in place for the provision of capital at the early stage and scaling phases, and a clear market failure was identified in the availability of risk capital for established companies seeking to sustain growth and achieve greater scale. Longer-term investment capital is currently not readily available to Irish growth focused companies in either the form of debt or equity, and there is very limited private equity funds/debt available to innovative SME’s. This situation has resulted in an equity gap, which is constraining the development of a key cohort of established Irish growth companies. Development Capital can be defined as equity funding for the expansion of established and profitable firms, that is, those that have passed the start-up stage.   It is proposed that the Scheme will be launched and marketed by end Q1 2012. This will entail a call by Enterprise Ireland for ‘expressions of interest’, from fund managers followed by a three month period of time before a closing date.   The exchequer funding requirement for this scheme is €50m over 10 years. It is proposed that EI will commit €25m each to two funds which will leverage a further €50m each from the private sector. Any fund investments supported by EI under this scheme would be made with the State sharing equally in the risks alongside other investors. The proposed scheme would focus on funds that provide equity or quasi debt of between €2m to €10m per investment although it is likely that many investments would be in the €2m to €5m range.   The timing of actual investments under the scheme will depend on the ability of the fund managers selected from the ‘expressions of interest’ to raise the matching funding to ‘close’ their funds and to commence investing. While both funds are development capital funds, aimed at established companies, they will be managed by separate managers which will generate competition in the market. Investment in two funds also allows Enterprise Ireland to commit to two funds with slightly differing investment strategies thereby benefitting the market.   The scheme will be demand led and will target the cohort of companies that are growth focused. It will be open to all firms in that cohort regardless of their location in Ireland. However, as the Deputy knows, under the South East Action Plan, Enterprise Ireland is taking steps to target opportunities for start-up and expansion among enterprises in the South East. These are the sort of growth focused companies that would avail of the fund.

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namaleaks

THE TRUTH IS COMING....

Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.

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