A total of €10 million in government funding is being made available to help enterprises and SMEs to overcome challenges associated with Brexit and Covid-19, as well as supporting digitisation and the transition to a green economy.
Some €9.5 million will be used to improve the capability and competitiveness of regional enterprises following Brexit and the Covid-19 pandemic, while a further €500,000 will be made available for feasibility studies for start-up enterprises.
Minister Hildegarde Naughton said businesses could expect to benefit from the investment by Enterprise Ireland the Department of Enterprise, Trade and Employment.
“This strategic investment is intended to support projects that have a regional impact, and help them avail of opportunities to internationalise and create sustainable job opportunities across the country,” she explained.
The Regional Enterprise Transition Scheme and Feasibility Study Fund will help businesses to build resilience to the impact of Covid-19 and Brexit, as well as adapting to a low-carbon economy and technological advances.
“This will not just support the expansion of existing projects, but the Feasibility Study Fund will also provide up to €50,000 per project through Enterprise Ireland to advance projects that are still in the earliest stages.
“The investment is part of the Government’s commitment to balanced regional development – aiming to boost regional projects and help them to identify areas for growth and expansion in Ireland and abroad,” the Minister added.
Grants of up to €1.8 million will be made available under the transition scheme, and will support project targets that are deliverable within the year, ensuring an immediate positive impact.
The successful projects will be aimed at addressing Covid-19 impacts and improving the competitiveness of regional enterprises. They will also encourage entrepreneurial activity, innovation and productivity.
The application process opened this week and will close on September 8. Projects approved for support under the scheme will be announced in October and funding will be provided to successful applicants before the end of 2021.
The Feasibility Study Fund will distribute grants of up to €50,000 and remains open for applications until October 1.
