€1.2bn scheme for start-up firms

THE first steps to provide a €1.2 billion state-backed loans scheme for start-up businesses have been announced by Enterprise Minister Richard Bruton.

The annual €400 million fund is set to be up and running by the autumn, according to his department.

Opening an Irish online social networking business yesterday in Dublin, Mr Bruton said a tender notice had gone out to find the company to design the scheme.