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Enterprise Ireland focus on finance

Access to finance - €50m for companies from fund
Access to finance - €50m for companies from fund

Companies backed by Enterprise Ireland recorded new export sales of €1.3 billion in 2008, according to the agency's annual report.

This was down from the €1.5 billion recorded in 2007, but brought the total value of export sales 3% higher to a new record of €14.3 billion.

The report confirmed figures late last year which showed that there was a net decline in employment numbers at EI-supported firms last year. While 10,522 were added, 18,525 were lost, giving a net decline of more than 8,000.

In a statement, Enterprise Ireland said it had adjusted its focus and the way it supported companies in order to help them to deal with the current downturn, and position themselves for future growth when market conditions begin to recover.

It said its main aims now were to ensure that companies had enough access to finance, and to help them win sales and build competitiveness.

The agency is administering the Enterprise Stabilisation Fund, through which the Government approved a total of €100m to be distributed over 2009 and 2010. EI says €50m has been allocated in 2009.

Under the scheme, it can give up to €500,000 to viable companies facing difficulties as a result of the current economic environment.

The agency said it backed 71 start-up companies in 2008, 42 outside Dublin, and expected these to create around 1,000 jobs over the next three years. In total, Enterprise Ireland paid just over €100m to companies last year.

Last year, it made €22.9m from sales and redemptions of shares, and another €1.4m in dividends.