Microenterprise Loan Fund (Amendment) Bill 2024: Second Stage Seanad Éireann — 2026-04-15 ============================================================ Ollie Crowe (FF), Industrial and Commercial Panel I welcome the Minister of State, Deputy Dillon and his officials to the Chamber this afternoon and I also welcome my friends in the Public Gallery, Val and Eileen Hanley. I hope they have a very enjoyable afternoon. I particularly want to welcome this Bill which, as the Minister of State has outlined, provides for Microfinance Ireland to be transferred from the remit of the Social Finance Foundation to the Minister for Enterprise, Tourism and Employment. Microfinance Ireland plays an essential role in the State support infrastructure for viable microenterprises that would otherwise not have access to loan financing from the market. We have all spoken in this House about how important our SMEs are. They are the backbone of the economy, especially in small towns and villages across the country. Microenterprises are a hugely important part of the broader SME sector. They are the family-run bars and restaurants in towns and villages, the local cafés, or the small plumbing or carpentry businesses we all rely on. These are essential businesses that we should take every opportunity to support. Microfinance Ireland plays a unique and vital role in supporting these businesses. It provides loans to viable microenterprises that cannot access finance from traditional lenders. In many cases, these are businesses with strong ideas and real potential but without the collateral or track record that banks require. Without Microfinance Ireland, many of these businesses simply would not get off the ground. Since it was established, Microfinance Ireland has made a real difference. Over 11,800 jobs have been sustained through microenterprise loan fund since 2012. Importantly, more than 78% of that support has gone to businesses outside Dublin. This Bill builds on that success. It provides for the transfer of Microfinance Ireland into full State ownership under the responsibility of the Minister for Enterprise, Tourism and Employment. This is a logical and timely step. When Microfinance Ireland was established, its ownership structure reflected the arrangements in place at that time. However, those arrangements have changed. The Social Finance Foundation is no longer under the remit of the Department of Finance and has indicated its wish to step back from ownership. At the same time, the State, through bodies like the Strategic Banking Corporation of Ireland, has taken on a greater role in supporting access to finance. This Bill responds to that new reality. It ensures that Microfinance Ireland will sit clearly within the State's enterprise support framework. There are clear benefits to this change. First, it will provide stronger and more transparent governance. The Bill sets out new governance structures, including a board of directors appointed by the Minister, and clear accountability for the chief executive officer to the Committee of Public Accounts and other Oireachtas committees. That means better oversight, better accountability and, ultimately, better value for money for the taxpayer. Second, it will improve how Microfinance Ireland operates. By bringing it fully under the Department of Enterprise, Tourism and Employment, we can ensure closer alignment with other enterprise supports, particularly the local enterprise offices, which are so important. These offices already work closely with Microfinance Ireland on the ground throughout Ireland and through Galway County Council, it operates with the help of Galway City Council, helping businesses to develop and grow. This Bill will strengthen that relationship and make it easier for enterprises to access the support they need. Third, it will enhance access to finance for microenterprises. We know from the Department of Finance's SMEs credit demand survey that microenterprises find it the hardest to secure funding. This measure will help address that gap by ensuring that Microfinance Ireland can continue to provide loans on reasonable terms to businesses that are viable but underserved. That matter is not just for the individual businesses but for jobs. When microenterprise gets the support it needs, it can start up, survive, recover, invest and grow. In doing so, it sustains employment and contributes to the local economies. The impact is particularly significant in rural communities. As I mentioned earlier, more than 78% of Microfinance Ireland lending is outside Dublin. These businesses are often key employers in smaller towns and rural villages, and these jobs are obviously not as easily replaced as they are in our bigger cities. I welcome the Bill, which will provide clarity about the status of Microfinance Ireland, strengthen governance and ensure access to loans for viable microenterprises. --- 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