A new €450,000 training fund has been launched to help private firms grow by addressing their current and future skills needs.

Details of the fund were announced by Skillnets, a state-funded national agency responsible for funding and supporting training networks.

The organisations said that a group of businesses from the same region, or specialising in the same sector, can collectively apply to develop a Skillnets training network, and draw down funding support for the development and delivery of training.

Businesses can be of any size, from a sole trader to multi-national, and the fund will also be open to existing industry federations, industry bodies or enterprise groups.

Speaking about the training fund, Brendan Mc Ginty, chairman of Skillnets, said: “It is a progressive time for Irish enterprise, with an increase in the number of people in employment, as businesses look to expand. Having the appropriate skills, including addressing future skill needs to deal with this expansion, is vital for sustainable development.

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“The success of our open call for Skillnets training networks last year, which resulted in the establishment of 11 new training networks, indicates the growing demand among businesses for relevant and innovative solutions to address skills shortages in the workplace.”

Skillnets operates under a joint investment model, whereby participating training networks can apply to receive up to 50% of the cost of training from Skillnets, and the remainder of costs are funded in cash contributions from participating businesses in the training network.

The first closing date for the new funding call is March 15, with a second closing date in November 2016.