Last Updated: 06/12/2006  16:09

Business Expansion Scheme extended

Budget 2007: Minister for Finance Brian Cowen has announced an expansion of the Business Expansion Scheme (BES) for a further seven years.

Delivering his 2007 Budget speech in the Dail this afternoon, Mr Cowen said the scheme, which has benefited hundreds of small firms throughout the State, had been reviewed specifically at his request.

On foot of the review, it had been decided to in raise the ceiling per company on BES investment from €1 million to €2 million.

Mr Cowen has also raised the limit on investment per individual from €31,750 to €150,000.

He said the measure would bring risk capital to the small business sector. The measure must be approved by the European Commission, but is expected to cost around €25 million in a year.

© 2006 ireland.com