Feasibility study on enterprise space in Ballynacargy gets funding

Funding has been granted for a feasibility research study, business case and technical assessment of the development and promotion of enterprise space and opportunities in Ballynacargy.

It is part of €548,250 that Minister Robert Troy and Minister Damien English announced for 18 regional enterprise projects. The plan is to assess the feasibility and impact of developing an enterprise zone in Ballynacargy to promote economic growth in the region and surrounds. The development of an enterprise zone and an enterprise hub would on first review appear to be a suitable solution; the purpose of the study proposed is to validate these views and create a robust economic development plan based on the outcomes.

The funding is under the €10 million Regional Enterprise Transition Scheme (RETS).

Delivered through Enterprise Ireland, the purpose of the funding is to support detailed evaluation of early-stage opportunities for new regional enterprise development projects and the grants approved range from €20,000 to €50,000 per project.

Early last month, Ministers Troy and English announced further funding of €9.3 million for 24 projects under the RETS to assist regional projects affected by the Covid-19 pandemic and by other regional challenges following the UK’s departure from the EU.

Minister of State for Trade Promotion, Digital and Company Regulation, Robert Troy TD said: “I want to congratulate the successful applicants from across the regions that have been approved funding under the RETS. It will support early-stage project development and aims to create a pipeline of future enterprise development projects across all regions originating in particular from the nine Regional Enterprise Plans.

“The feasibility funding, along with the €9.3 million in funding recently announced under the Regional Enterprise Transition Scheme, which provided grant support for 24 enterprise development projects in the regions, will create a pipeline of projects for future regional funding calls and support the Government’s ambition to strengthen the enterprise development capabilities of our regions.”

Minister of State for Business, Employment and Retail, Damien English TD added: “Balanced regional development is a priority for government. The feasibility funding announced today will provide assistance for early-stage project development and allow promoters to test their product concept and deliver virtual or site-based solutions to their target audience.

“There is a huge appetite across Ireland to facilitate regional enterprise and grow job opportunities and I am delighted to see plans progressing for additional workspaces, remote hubs, clustering, and innovative supports for businesses across Ireland. This funding will improve the capability and competitiveness of regional enterprises and encourage entrepreneurial activity among our vibrant SME community.”