Bruton calls on private sector to invest in enterprise funding scheme
Jobs Minister Richard Bruton has today announced a €50m jobs scheme, with the hope of getting another €100m from the private sector.
The Development Capital Scheme aims to provide risk capital to companies with 60 to 160 workers engaged in manufacturing, technology and high growth trading services.
The announcement was made at a briefing for the financial services community in the IFSC on the Action Plan for Jobs.
Enterprise Ireland will manage the fund and fund managers have until July 16, 2012 to signal their interest.
"A key part of this Government’s plan for growth and job-creation is building a powerful engine of indigenous enterprise," said Minister Bruton.
"Our ambition must not only be to attract the next Google or Microsoft to Ireland, but to develop and grow the next Google or Microsoft in Ireland.
"Through the Action Plan for Jobs, we will implement a range of measures to ensure that indigenous businesses, which employ the large majority of people in this country, have access to the supports they need in order to start-up and grow in the way we need them to.
"One key aspect of this is access to finance – we must not only ensure that the banks restart lending in the normal way, but also implement a series of measures targeted at sectors with potential for high levels of employment growth.
"In Ireland, in contrast to many other countries, we have a shortage of large indigenous companies in manufacturing, technology and services.
"Mid-sized, high-growth Irish companies in these sectors often do not grow to their potential for various reasons – one of which is a lack of access to the right kind of finance. Ensuring that these companies can continue to grow and create jobs in Ireland is a crucial part of the Government’s job-creation strategy, and the €150m Development Capital Scheme will play a crucial role in this.
"By combining ambition with determined implementation, I am convinced that we can create the world-leading businesses of the future here, and create the employment opportunities we so badly need”.
Enterprise Ireland CEO Frank Ryan said: "The Development Capital Fund provides a unique opportunity for Fund managers to receive a commitment from Enterprise Ireland to establish Funds to invest in manufacturing, technology and high growth trading services companies in Ireland.
"We have many vibrant companies with ambition to grow significantly. Indigenous industry is an essential contributor to economic prosperity and job creation and this fund will play a significant role in driving this growth activity."
