Business expansion scheme gets makeover

A BUSINESS expansion scheme already in operation for 26 years will be transformed into a new and better-focused system — the Business Investments Targeting Employment Scheme (BITES) — under the Government’s blueprint for economic recovery.

According to the Government document, funds raised under the scheme since 2008 have “declined significantly” and businesses complained it is too complex.

Under the new plan, a simple and efficient certification process will be introduced, the maximum amount that can be raised in a year will be increased significantly, as will the lifetime amount that can be raised per company.

Dublin Chamber chief executive Gina Quin said the BES provided much- needed financial support for small business, particularly at a time when SMEs are struggling to find the necessary capital.

She said a survey of Dublin Chamber SMEs found 70% felt that their cuts to costs and resources may have damaged their business’s ability to grow.

ISME described the plan as challenging, but welcomed the fact that a blueprint has at last been outlined, which hopefully will generate confidence in the economy.

The Small Firms Association said the plan provided an outline to face the challenges facing the public finances and hopefully an environment conducive to economic growth.