Minister Martin welcomes European Commission approval for extension of Business Expansion and Seed Capital Schemes

The Minister for Enterprise, Trade and Employment, Micheál Martin T.D. welcomed the announcement today (29th August 2007) that State-aid approval has now been received from the European Commission for the extension and amendment of the Business Expansion Scheme (BES) and the Seed Capital Scheme (SCS).

The Minister said: “I am delighted that we have secured the necessary approval from the European Commission under State-aid rules for the expanded BES/SCS schemes. The BES and the SCS play an important role in helping bridge the financial gap for businesses in the pre and early start up phases of new enterprises. The approval reflects my commitment to ensure that the recommendations of the Small Business Forum on this issue were implemented. The importance of these schemes is further reflected in this Government’s continued commitment to them in the agreed Programme for Government.”

The Minister continued:“Small to medium-sized manufacturing make a vital contribution to job creation and to maintaining our competitiveness. The extension of these schemes will encourage further enterprise, incentivise innovation and promote competitiveness in Irish industry. They will help position our businesses for long-term success”.

The Minister also welcomed the Tánaiste’s intention to bring forward shortly the necessary legislative provisions to give effect to this State-aid approval.

Finally, the Minister noted that, “the expansion of the BES/SCS schemes is one of a number of measures which we are implementing to promote and support small businesses which employ almost 800,000 people in Ireland.”

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