Ulster Bank has launched a €300,000 fund for charities, social enterprises, community groups, state-funded schools and colleges across the island of Ireland.

Part of a £2.5m Skills and Opportunities Fund from Ulster Bank, RBS and NatWest, the money is being made available to enable organisations to support disadvantaged communities by helping people to learn new skills, get into the world of work or set up their own business.

Representatives of qualifying organisations can apply for funding of up to €40,000 for their projects via an online portal.

The fund allocation for the island of Ireland is €300,000 per year for each of the next three years.

Applications will close on Friday, May 22, at noon and a judging panel will review all shortlisted applications.

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The panel's decision will be combined with the results of an online public vote, which will count as one judge. The successful organisations will be announced for the first round in mid-July this year, and will receive their funding shortly afterwards.

Commenting on the launch of the new initiative, Jim Brown, Ulster Bank chief executive, said: “We've been helping to make a difference in our communities for generations. Now, through our new Skills and Opportunities Fund, we want to help more people learn new skills, get into work or start a business.

“By supporting these issues, we are building stronger communities and doing the right thing for our customers and wider stakeholders.”