O’Keeffe plans SME loan scheme

INITIAL proposals of a loan guarantee scheme for SMEs are due to be presented to cabinet by Enterprise Minister Batt O’Keeffe before the end of the month.

Such a scheme has been called for continuously by the various small business lobby groups over the past year and the Irish Banking Federation (IBF) added its support yesterday, while addressing a Joint Oireachtas Committee on Enterprise, Trade and Employment.

Despite committee chairman, Labour TD Willie Penrose, claiming that the establishment of such a scheme was being blocked by the Department of Finance, IBF chief executive Pat Farrell said it was his understanding that a final decision was due “sooner, rather than later” and that the cash would be there to match it, if established.