170 jobs created at Aztec Money in Dublin and Mafic in Meath
FINANCE firm Aztec Money is setting up its global headquarters in George’s Quay in Dublin and plans to create 100 jobs.
And Mafic has announced 70 new manufacturing and engineering jobs for Kells in Co Meath.
Mafic is an EU-based company involved in the production of basalt fibre, with operations in Luxembourg and Canada.
It hopes to have its new Irish plant operational in Kells by September, which will create 70 new jobs over three years.
The jobs will be broadly in the areas of semi-skilled shop floor workers and managers, administrative staff and general management.
Aztec Money provides small and medium companies with investor networks.
The jobs, which will be recruited for over the next two years, will require multiple languages and include data processing, marketing, sales and IT roles.
Aztec Money will initially market its product in Ireland, Spain, Italy and Greece. It also has representative offices in Brazil and Poland and plans to open new offices in Asia and the US as the service develops.
According to vice president of business development Colm Devine, “A recent ESRI research paper has found that accessing finance is one of the greatest obstacles facing SMEs in the current economic environment. In the period between 2009 and 2011, an average of 15pc of respondents identified it as their biggest challenge and this has grown to 24pc between October 2012 and March 2013. An InterTrade Ireland survey of 1,000 SMEs across the island of Ireland indicated that over half of businesses have some debtors of over 90 days. This percentage rose to 75pc of manufacturing respondents. We are pleased to be able to provide companies, especially SMEs who are experiencing this difficulty, with an alternative to banking finance.”
The company says it has raised finance from a range of private investors including Singapore-based private investment group Chandler Corporation, which has taken a 28.5pc stake in it.
Jobs minister Richard Bruton said improving access to finance is a key part of the Government's plans for jobs and growth.
"Since taking office, we have put in place new funding mechanisms that will make available an additional 2 billion euro in credit for Irish businesses," said Mr Bruton.
"Today, Aztec Money are announcing that they are establishing an innovative new service for Irish SMEs to help improve cash flow, which will be a very welcome addition to the support available to job-creating businesses here."
Mr Bruton later revealed Mafic Ireland plans to create 70 jobs over the next three years with a multi-million euro investment in a new production facility in Kells, Co Meath.
The site has secured exclusive technology rights for the production of basalt fibre and will be hiring general management, shop floor managers, general operatives and administrative staff.
Mafic will make basalt fibre from crushed basalt rock, which is being sourced from the Ukraine and melted in specially commissioned furnaces.
Mr Bruton said the jobs were secured as part of the Succeed in Ireland initiative which aims to marshal the resources of the Irish community and diaspora to tackle the jobs crisis.
"Through local connections and with support from my department through IDA Ireland, a manufacturing facility which otherwise would have gone elsewhere in the world is coming to employ people off the live register in a regional town which would ordinarily struggle to attract multinational investment," he added.
"I commend all involved, and I am determined to ensure that we can see more announcements like this across the country in the coming months and years."