Sinn Féin councillor Therese Ruane has called on Mayo County Enterprise Board to meet with Credit Unions across the county to initiate a small business loan scheme. Cllr Ruane believes that such a scheme would save dozens of small businesses and hundreds of jobs across Mayo.
“The vast majority of small businesses that I have met with are struggling with credit flow and this has caused many to fold despite being profitable. While the Government are prepared to bail out the banks, there is no such bail out for small enterprises that are the lifeblood of the economy. A small-business loan scheme, operated through Credit Unions, could help keep these businesses afloat and ensure that hundreds of jobs are secured in Mayo.”
Cllr Ruane described a similar scheme which has been launched in Dun Laoghaire/Rathdown area where Credit Unions are making €2 million available to local SMEs. Small businesses can apply for loans up to €40,000 with a repayment period of five years. The loan interest rate is 5.95 per cent.
“Despite the banks receiving massive amounts of taxpayer funds to protect them from their own mismanagement, they are still not providing credit to small business, never mind at such a competitive rate,” said Cllr Ruane who has written to the chairperson and to the CEO of Mayo County Enterprise Board asking that he meets with their counterparts in Dun Laoghaire/Rathdown and also with the local Credit Unions as a matter of urgency.
“We need to do everything possible to keep small businesses viable and ensure that we not only save jobs but create new ones. This scheme will do just that,” she concluded.
