06/02/2008

€60m Growth Fund To Boost Small and Medium Sized Firm

Minister for Enterprise, Trade and Employment, Micheál Martin, has today announced a €60m growth fund to support Ireland's small and medium sized companies.

The Growth Fund, operated by Enterprise Ireland, will help secure new jobs in Irish firms by supporting investments in staff, equipment and technology to increase competitiveness and encourage new exports.

Eligible companies will be able to receive up to €650,000 from Enterprise Ireland to support business plans that meet the main criteria of the scheme.

Announcing the details of the Growth Fund Minister Martin said:

“Innovating to improve competitiveness has become a national priority in the face of growing international pressure. I welcome Enterprise Ireland’s Growth Fund which will help our SME sector to increase productivity and exports whilst also creating new jobs.

“As SMEs make up over 97% of the Irish business sector, it is imperative that they have the capacity and capability to innovate and grow.

“Significantly the announcement of this fund follows on from our recent provision of €500 million to encourage company investments in Research and Development."

Feargal Ó Móráin Executive Director of Enterprise Ireland said the announcement of the new fund means that Enterprise Ireland can now offer a full complement of innovative supports to Irish companies.

(VB)

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