GALWAY SMALL BUSINESSES TO BENEFIT FROM EUROPEAN INVESTMENT FUND GUARANTEE

Date Published: 10-Jan-2013

Small businesses in Galway are set to benefit from a new agreement between MicroFinance Ireland and the European Investment Fund.

The deal aims to support small enterprise in gaining access to funds.

Galway Labour Senator Lorraine Higgins says the fund is specifically targetted at small enterprise during their crucial growth phase.

It aims to help over 5 thousand such businesses nationwide and assist in the creation of 7 thousand 700 jobs.

Through the new agreement, the EIF will manage the guarantee under its Progress Microfinance initiative and will allow credit providers in the EU to increase lending.

Senator Higgins says economic recovery is within our sights and small businesses have an important role to play.

Her comments come as figures released by the IDA this week show it had a net gain of 630 new jobs in Galway and Mayo last year.