€7.8M for local enterprises

Tuesday, 4th December, 2018 3:23pm

€7.8M for local enterprises

A total of €7,761,160 has been allocated to local enterprises in the North and Mid East Regions under the Regional Enterprise Development Fund.
Fine Gael Senator Joe O’Reilly confirmed the funding to The Anglo-Celt this week.
In Cavan and Monaghan, Bioconnect Innovation Centre (CLB) has been allocated almost €5M for a project to support the performance of cutting-edge biotechnology research by companies through the provision of office, laboratory, and biotechnology focused research capabilities for all stages of business development.
Also in this area, the Focused Engineering Network DAC has been awarded a quarter of a million euro to establish an engineering network of companies and local stakeholders to safeguard and future develop the engineering sector in the North East region. Supported by a business development manager, the initial focus of the network will be to identify and capture supply chain opportunities to drive business growth.
The Leitrim Food Enterprise Zone CLG has been allocated over €950,000 to create a food grade infrastructure and support hotspot in Drumshanbo to drive clustering and growth of food companies in counties Leitrim, Sligo, Cavan and Donegal. That project will create 137 new jobs and build a strong national and export sales platform for sustainable, outward looking growth.
The Boyle Valley Food Innovation District, meanwhile, gets almost €1.6M for the development of food grade production facilities and an innovation-rich enterprise support ecosystem to escalate the growth of food and drink entrepreneurs in counties Meath, Cavan, Monaghan and Louth. This project, it’s projected, will provide the economic, physical, and networking assets to create impact of 250 new jobs, 50 new and expanding food businesses, 200 new/improved food and drink products, €25m per annum in new export sales, 900 entrepreneurs and learners with increased competencies and 60 interns delivering fresh talent and innovation.
Commenting on the government allocations, Senator Joe O’Reilly said: “The projects we are funding today are at the cutting edge of innovation. I am confident that they have the potential to make a real and lasting impact on enterprise development at county, regional and national level.
“The Irish economy has had a remarkable turnaround in recent years, but we cannot become complacent. Although we have made a lot of progress, with three out of five jobs created outside Dublin since we launched the Regional Action Plan for Jobs, some parts of the country are not recovering as quickly as others,” he said.
The Regional Enterprise Development Fund aims to support every region to build on its strengths and create sustainable jobs.
“The winners were selected through a rigorous evaluation process based on criteria, which included impacts and value for money, collaboration and participation, viability and sustainability, building regional strengths and significance for innovation,” said Senator O’Reilly.
He congratulated Cavan Local Enterprise and the Regional Enterprise Development Fund for getting behind projects in Cavan.
Minister for Business, Enterprise and Innovation Heather Humphreys said: “Twenty-one successful applicants representing all regions of the country have secured just over €29m for their projects in the second call for proposals under the competitive Fund.
“Initially allocated €60m for two rounds of funding, the Fund will now operate on a rolling basis as part of Project Ireland 2040.”

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