Ó Ríordáin welcomes Minister's positive comments on MABS for SMEs

Aodhán Ó Ríordáin, Labour Party TD for Dublin North Central, has welcomed the Minister for Jobs, Enterprise and Innovation’s positive comments regarding the possible establishment of a MABS for the SME sector.

In reply to a parliamentary question submitted by Deputy Ó Ríordáin, the Minister stated that there was “merit in the general idea of a MABS for small business.” In addition, the Minister said that such a proposal would have to be “considered more fully in order to determine what interventions are needed by business and who is best equipped to provide those interventions.”

Deputy Ó Ríordáin said: “I think the indications from the Minister are that this is a very worthwhile proposal. Obviously, it needs to be assessed in more depth and it is my wish that stakeholders do meet to discuss its viability.

“We are all aware of the difficulties many SMEs are currently experiencing and I believe a mentoring service to provide these businesses with financial and budgeting advice would be invaluable and do a lot to save much needed jobs. In addition, an independent service would present a viable alternative for business owners who have been forced to seek guidance from financial institutions.

“This initiative would build on the excellent work already being carried out by the County and City Enterprise Boards who provide much needed grants to the SME sector. However, we can build on this work by providing on going advice and assistance to the SME sector throughout the country.”