O’Sullivan welcomes the publishing of the Credit Guarantee Bill to assist Wicklow businesses

Wed, Apr 11, 2012

Local Issues, National News

James O’Sullivan, a member of Greystones Town Council and supporter of local business in Wicklow, has welcomed the publication of the Credit Guarantee Scheme.

Speaking after the publication, Councillor O’Sullivan said: “This announcement represents delivery of key commitments under the Action Plan for Jobs by Minister Richard Bruton TD. The Scheme will provide much-needed credit to job-creating SMEs in the North Wicklow area, who currently struggle to get finance from the banks. The scheme will seek to help commercially viable businesses in two specific situations – namely, where businesses have insufficient collateral to get a loan, or where businesses operate in sectors with which the banks are not familiar. In these situations this scheme will provide a 75% State guarantee to banks against losses on loans to firms with growth and job creation potential.”

He continued, “Initially, the scheme will facilitate up to €150 million of additional lending per annum to SMEs. The Scheme will be demand-led, with take-up and performance being closely monitored.”

“Fine Gael is determined to improve the conditions for businesses in Wicklow with practical measures that can help them to establish, expand, and create jobs. Access to credit remains a key issue for many businesses and it is important to fill gaps where specific market failures exist. The Action Plan for Jobs 2012, outlines a number of measures to ensure that businesses do not face unnecessary obstacles when attempting to create jobs which are so badly needed,” stated Councillor O’Sullivan.

“The Credit Guarantee Scheme will benefit innovative and job-creating businesses. These are the local businesses we need to support to stimulate a jobs recovery. Small business growth will have far reaching benefits, much more than just to the individual company who accesses the credit through this Scheme. There will be positive spill over effects for other businesses and activities in Greystones, Delgany, Kilcoole and Newcastle”, concluded Councillor O’Sullivan.

Cllr. James O’Sullivan

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