Mayo TD calls for a new action plan for jobs

A new action plan for jobs is something that must be given serious consideration, according to a Mayo TD.

Deputy Alan Dillon said agencies such as Microfinance Ireland will have an important role to play in economic stimulus efforts. 

He outlined: "I noted the information in its most recent quarterly progress report that more than €1.1 million was lent to Mayo businesses since 2012 via 78 loan approvals. 

"I was also interested to note that 79% of its loans were issued outside Dublin, which demonstrates the ability of Microfinance Ireland to contribute to balanced regional development.

"Now consideration should be given to a credit policy that would increase the loan approval rate of 44%. 

"I am conscious of the need to be cautious with public money and to manage risks within any loan portfolio. 

"However, if every small business throughout Ireland employed one extra person, it would result in significant job creation. 

"My second suggestion is to build on the channels of loan referral to Microfinance Ireland. 

"The local enterprise office structure remains the primary referral structure but efforts should be undertaken to increase the applications received via the bank channels and the Irish Local Development Network. 

"Microfinance Ireland should consider holding roadshows, directly or in partnership with enterprise roadshows undertaken by commercial banks, to highlight the available finance options and potentially increase the number of loan applications. 

"Some budding entrepreneurs may be unwilling to visit their local enterprise office or engage in formal settings but they may be willing to attend a roadshow or more informal event which could help them to build on their ideas and spark their entrepreneurial flair."