Govt announces capital investment fund

Govt announces capital investment fund

The Government has announced a €125m capital investment fund for small and medium enterprises.

The measure is part of €2bn in funding to be made available to all Irish businesses of different sizes under the action plan for jobs.

Enterprise Ireland has made a €25m commitment, under the Development Capital Scheme, to the first and final close of the fund.

The balance of the funding has been committed by Allied Irish Banks, the European Investment Fund, GoldPoint Partners, and two United States subsidiaries of the Cigna Corporation.

While €75m has been made available from the Department of Jobs, with the aim of leveraging a minimum total of €150m additional funding from the private sector.

Making the announcement Jobs Minister Richard Bruton said: "As we have said repeatedly, at the heart of the Government’s Action Plan for Jobs is our determination to support the development of a powerful engine of Irish enterprise".

"One crucial measure which we put in place through our Plan in order to achieve this is the establishment of the Development Capital Scheme, aimed at providing funding for the mid-sized, export-oriented businesses that are so crucial to our growth - particularly manufacturing and technology companies in traditional sectors including engineering, food, life sciences, services and electronics".

It will be administered by MML Growth Capital Partners Ireland. Founding partner Rory Brooks says established companies trying to expand can qualify.

"Deserving companies that have been deprived of the capital that they want and need" he said.

"To be a little bit more specific, what we try to do is to provide capital that enhances and supports growth in these companies".

"So we're here to support their organic growth, we're here to support acquisitions - be it inside Ireland or internationally" he added.

"It is important that there's on-going communications so that there's ongoing communication so that everybody become clear about those different options" she added.

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