Businesses in coastal communities could be eligible for as much as €200,000 each in funding for capital projects under the Brexit Blue Economy Enterprise Development Scheme.

The aim of the scheme is to stimulate growth in rural coastal communities after Brexit, with funding available to businesses operating within 10 kilometres of the coastline and involved in the blue economy, which includes economic activities within coastal communities such as seafood, coastal tourism, boat building and maintenance, marine recreation, and renewable energy initiatives.

It’s the largest scheme of its type ever, and has three streams — capital investment, mentoring & capacity development, and upskilling and training.

There’s a budget of €25m for this year and next and the scheme is administered by Bord Iascaigh Mhara.

BIM regional officer Paul Downes said: “We’re delighted with the quality of the applications that have come in to date, covering a wide breadth of blue economy businesses — from seafood companies to charter boat businesses, marine engineering companies to coastal tourism enterprises.

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“We’re eager to encourage more businesses, particularly for the capital investment stream, to submit an application for funding. Brexit has brought challenges to coastal communities and this unique funding opportunity has the ability to deliver real benefits to those communities and to individual businesses that are part of the blue economy.

"These investments will enable innovation, diversification, value-adding, and will support business growth and increased employment.”

Capital project initiatives proposed by applicants must be located within 10km of the coastline and must be within one of the following blue economy sectors:

• Small Non-Commercial Harbour/Pier Activities
• Boat Building and Repair
• Coastal Tourism
• Marine Leisure and Sport
• Seafood
• Renewable Energy Initiatives supporting the Blue Economy.

The applicant must be a micro or small enterprise and projects must be completed by 30 September 2023. Full details here, along with how to apply.