Madam, – While the justifiable weeping and gnashing of teeth goes on, along with the loathing of the political master that allowed banks, planners and unions run riot, it is necessary that the economic factors that will define the future of this country be invoked.
The smart economy will find its backers and the multinationals have had world banks begging for their business. But what about the indigenous Irish and local business/industry? How can they develop and grow?
I started a small business 36 years ago and it is still going today with more than 50 employees and exports that account for 60 per cent of sales. The good of the business has always been paramount: there are no dividends and no Mercs or BMWs outside the door.
The Bank of Ireland started us, watched us and was very careful and prudent with us over the years. Then the lack of regulation, led by hail-fellow, well-met taoiseach let the bank prudence go, with the result that Anglo led the cannibalism of greed. Now there is no money for business.
A recent application of ours to buy additional machinery which would create jobs would only be given if we put up €100,000 plus three personal guarantees and pay 7.5 per cent interest. We have some terrific dedicated Government agencies such as Enterprise Ireland, but without capital one cannot proceed with projects.
Every job, no matter how small, takes someone out of the State’s costs and restores the person’s pride in themselves and their families. So, let’s get some of the IMF/European fund into industrial growth. €40 to €50 million in small amounts spread around would create a lot of jobs and save more than the 6 per cent interest.
Let’s support entrepreneurs with a liveable wage, provide them with the advice of a mentor/accountant and set up their project. If they fail, pick them up, and if they are good enough and have the ability, let them start again.
Those small businesses/facto-ries which are hanging on in the hope of better times need the same support. It should be given to them, because until all small businesses and ideas are brought back to life, we will continue to export our young and leave the rest behind in continual misery. – Yours, etc,