"New Enterprise Ireland fund will support Irish jobs by increasing competitiveness, driving exports and supporting innovation in Small and Medium Sized Enterprises"

Minister for Enterprise, Trade and Employment, Micheál Martin, TD has today
(Wednesday 6th February 2008) announced a €60m growth fund to support
Irelands 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 €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. This
Enterprise  Ireland  fund  underlines  the  determination  of Government to
continue  supporting  Irish firms as they prepare to meet the challenges of
the future."

"Significantly  the  announcement  of  this fund follows on from our recent
provision of  €500 million to encourage company investments in Research and Development.  I  would  again strongly encourage all small and medium sized companies  to take time to study the full range of excellent supports which are available through Enterprise Ireland."

Following  the Minister's announcement, Feargal Ó Móráin Executive Director
of  Enterprise  Ireland said: "Today's announcement of the Growth Fund just
one  week  after  the  launch of the revised R&D fund means that Enterprise
Ireland  can  now  offer  a full complement of innovative supports to Irish
companies.  SMEs  that  are  already clients of Enterprise Ireland or would
like  to  become  one  can  get  the  funding  they  need to innovate their
business, become more productive and increase their exports".

"A  key  component of the new Growth fund is the inclusion of the Workplace
Innovation  Fund  which  is  aimed at developing the innovative capacity of
individual employees", Mr. Ó Móráin added.

Full details of the Growth Fund including eligibility criteria, grant rates
and       the       application       form       are      available      on
www.enterprise-ireland.com/growthfund

(This   press  release  is  also  available  on  the  Department's  website
www.entemp.ie)

ENDS

For more information contact:
Grace FitzGerald, Communications Officer, Enterprise Ireland, 01 8082746
grace.fitzgerald@enterprise-ireland.com