Microenterprise Loan Fund (Amendment) Bill 2024: Second Stage Seanad Éireann — 2026-04-15 ============================================================ Eileen Lynch (FG), Agricultural Panel Gabhaim buíochas leis an Aire Stáit as bheith anseo linn inniu. I welcome the opportunity to speak on the Microenterprise Loan Fund (Amendment) Bill and to support its passage through the House. As the Minister of State has outlined, it is largely technical but its impact is still significant. We need to strengthen a mechanism that has proven effective in supporting small businesses. Essentially, the Bill provides for the transfer of MFI into full State ownership under the Minister for Enterprise, Tourism and Employment. MFI is publicly funded, implements Government policy objectives and plays a vital role in supporting microenterprises across the country. It is therefore entirely appropriate that its ownership, governance and accountability structures reflect this role and that the Bill provide for that alignment. The Bill transfers the authorised capital from the social finance fund to the Minister and amends the 2012 Act to reflect the fact that MFI will no longer operate as a subsidiary of that fund. This Bill strengthens existing mechanisms by having the Minister appoint the members of the board of directors, including its chair, thereby ensuring a clear division of responsibilities. The Bill contains standard provisions regarding the board's operating procedures, appointments and succession. Importantly, the Bill provides for the appointment of the CEO by the board of directors with the Minister's consent and establishes clear accountability. The Bill, as has been outlined, also addresses staffing and pensions. Subject to ministerial approval, the provision of the superannuation scheme is a key element in ensuring staff are supported as the organisation transitions to State ownership. I welcome the Minister's intention to propose amendments on Committee Stage to further clarify the status of staff and provide them with certainty regarding their rights and the continuation of service. This clarity is both necessary and appropriate. Beyond the legislative details, it is incredibly important to remember why this matters. MFI fills a gap in the market that the banking system does not. It makes finance available to those who may not be able to avail of bank loans. It provides access to finance to small businesses that are often at an early and vulnerable stage. Without access to this funding, they may not be able to progress at all. It is important that we remember that these are real businesses. They include cafés, small workshops and family-run enterprises. It is precisely these businesses that sustain the local economy. They create jobs in our communities and contribute to regional development. I welcome the Minister of State’s confirmation that 78% of fund drawdowns occur outside Dublin. Therefore, so much of this funding is going to regional, local and rural areas. The large number of jobs saved and loans issued demonstrates just how effective the support is. The Bill ensures that the framework underpinning the support will be just as robust. I noted the Minister of State’s comments on the increased level under this Bill. I note the upper amount was increased from €25,000 to €50,000 in 2024. If possible, this should be reviewed for a further increase because, as I have said, the businesses do not have access to loan finance. Given current cost inflation, it is appropriate for us to consider increasing the upper limit and, potentially, eligibility. I am aware that the funding is specifically for microenterprises and that there is other funding available as businesses develop, but maybe we should be considering this. In conclusion, the Bill aims to secure the future of an organisation that plays such a crucial role at the foundation of our economy and in supporting these small businesses that otherwise may never see the light of day. It is about aligning funding with accountability, strengthening the managing system and ensuring confidence in the future. I commend the Bill to the House. --- Source: Houses of the Oireachtas. Licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). The Official Report is revised after first publication; the fetch timestamp below identifies the version quoted. Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2026-04-15/debate/main Retrieved: 2026-08-14T04:54:48+00:00 Sitting date: 2026-04-15