RTE 1st October 2018 10:35:23 A series of recommendations are on the table for the Midland Funding formula which aims to support small businesses and local people.
The formula will provide the Government with additional funding to help small businesses through the transition to a low-carbon economy, as well as local businesses and households.
As part of the plan, the Government has announced that the Midlands Funding formula will be reviewed every three years.
This review will include the availability of additional funding for small businesses, and a focus on the needs of the wider economy and communities.
In 2017-18, the Midlanders were the first in the country to receive funding from the formula, which is now expected to provide an additional $500 million to the Midlander economy.
Since its launch in 2019, the formula has been reviewed and re-evaluated every three months.
Under the formula’s current structure, small businesses will receive an annual grant of $1.5 million per annum from the Government, which will be split between the following four areas: Local Enterprise Fund (LEF), Low Carbon Communities Fund (LCF), Small Business Development Fund (SBD), and Midland Fund (MF).
However, there is also a potential for more funding to be available to businesses in other areas.
Small businesses that do not receive the full Midland funding can also be eligible for grants of up to $300,000 per annus from the Local Enterprise Development Fund.
However this can only be used for the development of new businesses, with the rest of the money earmarked for local communities.
The Government has also announced that it will also be offering incentives for businesses to develop a new business, with incentives up to 25 per cent for the first $100,000.
Finally, businesses will also receive a new set of incentives from the Midvale Fund, which was launched in 2019.
While there are still a number of key areas to review in order to ensure that the formula is sustainable, the midlands funding formula is expected to be re-revised and updated every three-five years.
Read more: What the midlanders fund can do for you and me The Midland Funds is a special program that is designed to support the Midlamas and other communities in the mid-north, which include the Kildare and Leitrim regions.
It provides an additional funding stream of up $500,000 every three quarters to small and medium-sized businesses in the region, as they are deemed to be in urgent need of support.
Midland funding is available to every local authority in the state, which includes the Málaga, Kildale, Leitrum, Kincardine, Monaghan, Armagh, Tyrone, Monmouth and Roscommon regions.
The Midland Scheme was established by the Northern Ireland Executive in 2009.
In the wake of the Brexit vote, Northern Ireland’s devolved government will be devolved back to the UK at the next Northern Ireland Assembly election.
The Midlands Fund is designed in the interests of all regions, and the scheme will provide support to local economies in the most pressing need. Read more The latest economic news on RTE.com Share this: Tweet