WDC Micro-Loan Fund ‘Creative Industries’ initiative is a classic example of local roots working together – Perry

29^th June 2012

Addressing the Western Development Commission (WDC), Minister for Small Business, John Perry T.D, said: “A strong national economic framework needs strong local roots and the WDC Micro-Loan Fund ‘Creative Industries’ initiative is a classic example of local roots working together.”

The WDC Micro-Loan Fund: Creative Industries is a pilot initiative of the WDC, allocating €1,000,000 over a three year period from the Western Investment Revolved Fund to the creative industries sector. The Micro-Loan Fund will operate on a competitive ‘Call for Applications’ basis with two calls per annum. The first call opens today (June 29^th) and closing date for applications is Friday, 31^st August, 2012 at 4 pm (www.wdc.ie/microfundci)

“This initiative is an important commitment by the Western Development Commission to helping people access loans and supporting the success of the creative industries in the West of Ireland. It will help to foster the entrepreneurial spirit on which so much of our economic prospects depend.

“Our future economic prospects depend on sustaining our strong entrepreneurial spirit, even in the face of unprecedented economic challenges. Now more than ever we need ambitious and energetic entrepreneurs who can play a real part in driving a positive uplift in the economy.

“The cultural and creative industries have always been a central feature of Irish life and are a powerful motor for jobs, growth and export earnings while building on cultural diversity and facilitating social inclusion. This initiative acknowledges the importance of the sector and brings together the funding of the WDC, the knowledge and skills of the Country Enterprise Boards and the entrepreneurs of the creative sector.

“The Government is absolutely focused on ensuring that entrepreneurs and young companies are supported in every way to develop their business, increase exports, create jobs and rebuild the economy and our support and endorsement of this initiative clearly demonstrates our firm commitment to the jobs agenda.

“We all know that Access to Financeis a key issue forsmallbusinesses and is critical to long-term economic success. Key Actions in the Action Plan for Jobs identify the Temporary Partial Loan Guarantee Scheme and the Microfinance Fund to address this issue. They will neatly dovetail with the work of the WDC in this area and will, I am sure, deliver real jobs for the west.

“I want to commend the work of Western Development Commission in their role in helping to fill this well-recognised gap, in providing finance to the micro-enterprise sector. By developing close mentoring business planning links with the County Enterprise Boards and Local Enterprise Offices they will ensure that those getting funds under this initiative will grow strong and deliver sustainable growth in this region.”

ENDS

For further information please contact:

Sinéad Fennell, Communications Advisor to Minister Perry, 086 6075266