Chamber frets over fall-off in BES funds

Dublin Chamber of Commerce is calling for the Business Expansion Scheme to be radically reformed by doubling the ceiling on the…

Dublin Chamber of Commerce is calling for the Business Expansion Scheme to be radically reformed by doubling the ceiling on the maximum funds that can be raised by a company from £250,000 to £500,000 (€317,000 to €634,900). The chamber expressed concern yesterday at the fall-off in amount going into BES-funded schemes, which has dropped from £92 million in 1998 to £46 million 1999.

The chamber is also recommending that compliance regulations for investments up to £250,000 be made simpler, that it should be mandatory to invest at least 20 per cent of each fund in companies that are raising £250,000 or less and to include designated declining industry sectors within the qualifying trades.