Small-business financial crisis and support
Brennan warned that many small firms were near collapse and urged urgent assistance and better information on their financial condition. The Minister cited agency efforts to help troubled firms and acknowledged recession-related viability concerns, but did not commit to a data-gathering or bailout plan; the Chair stopped the exchange from becoming a debate.
Is the Minister aware of the grave financial crisis which is now affecting the vast majority of small and medium-sized businesses? These companies are at survival level. What plans are there to assist such firms during this crisis?
Comment on this
We are continuing our efforts under the small industries and enterprise development programme. In certain cases where industries get into trouble we are attempting to give them advice and assistance in order to avoid a close down. We are well aware of the gravity of the present situation.
Comment on this
Is the Minister aware of the lack of information in regard to the overall performance of smaller companies? Will he take steps to gather information about the financial condition and solvency of small firms? Many of them are in dire straits. The Minister should put a plan together to bail out such firms. It is not good enough to wait until they turn up at the door of the IDA. They need help urgently.
Comment on this
SFADCo and other agencies are well aware of the difficulties of these firms and are working very hard to obviate some of the effects——
Comment on this
Is the Minister satisfied with the level of information available on the condition and performance of small companies?
Comment on this
In any discussions I have had with the IDA this has not been raised. We are concerned about the effect of the recession on the viability of many companies.
