€10m fund to help regional businesses adapt to COVID & Brexit

Galway Daily business €10m fund to help regional businesses adapt to COVID & Brexit

A €10 million fund has been launched this week to help regional businesses adapt to changing circumstances caused by Brexit and COVID.

The Regional Enterprise Transition Scheme is now accepting applications from regional and community based enterprises through Enterprise Ireland.

This Scheme consists of €9.5 million is targeted at existing regional and community-based projects, which can show they can deliver an impact within the current year.

Grants of up to €1.8 million or 80% of the project cost, whichever is lesser, are available. The project should aim to address COVID impacts, and encourage regional competitiveness.

Leo Clancy, CEO of Enterprise Ireland said that this money will help create and sustain jobs in regions affected by COVID-19.

“We look forward to working with the regional stakeholders on innovative proposals to provide additional support to these projects at a regional level.”

The remaining €500,000 forms a Feasibility Fund, which will allow recipients to test their concept out, and deliver virtual or site-based solutions to their target audience.

Both strands of the scheme are open to applications now. The main Regional Enterprise Transition Scheme closes on September 8, and applications for the Feasibility Fund can be made until October 1.

The successful projects of this 2021 programme will be announced in October and all funding will be provided to the successful applicants before the end of the year.

Minister of State for Business, Employment and Retail, Damien English said “These strategic funds are about supporting projects with regional impact in order to increase internationalisation opportunities and create sustainable job opportunities right across the country.”

“Crucially, the Transition Scheme will help build Covid-19 and Brexit resilience and enable applicants to support enterprises and SME’s to respond to recent economic and market challenges”.

Along with the challenges of Brexit and COVID, the scheme will also enable businesses in the transition to a low carbon economy, as well as with their digital transformation.