Liadh secures hearing on SME finance in EU Budget Committee

Sinn Féin MEP Liadh Ní Riada has secured a public hearing within the EU Budget Committee on how to enhance and improve access to finance for SME’s through a public banking system.

Speaking from Brussels today, Ní Riada said

“The banking sector has failed to sanction adequate levels of financing in particular to SME’s. We do not have a decent public banking system in Ireland and given the economic and financial crisis, SME’s which represent an essential part of the EU Economic activity and who provide such a life line to local economies have not been supported in any meaningful way.

Ní Riada, a co-ordinator of the European Budget Committee continues,

“Any entrepreneur will tell you that getting a loan from the bank is impossible, this at a time when they are expected to be main contributors to the economic recovery. It is unacceptable, given that Junker announced the European Strategic fund earlier this year and yet we still do not see how this structure is going to be implemented or indeed be of any benefit to our indigenous small businesses.

“I have secured this hearing to examine how we can free up access to finance not only to the SME’s but also social enterprises and cooperatives. It is a positive step providing that proposals coming from the hearing are actually implemented. It’s time to step up and provide real investment for real jobs.”