The Cabinet has approved the publication of new legislation  that will see additional funding given to state agencies to support businesses.

Among its measures, the Industrial Development (Amendment) Bill 2019 will allow Enterprise Ireland to make loans to client companies for the first time in certain circumstances. It will also increase the ability of EI to provide R&D grants to help companies to diversify their offering, and will allow the agency to grant-aid the horticulture sector for the first time.

The Bill also contains several technical amendments to existing legislation. For example, the proposals would, in a no-deal Brexit scenario only, increase the overall funding which Microfinance Ireland may receive in its lifetime by €10m to €35m.

Other measures in the Bill include an amendment to increase the overall capital funding allowance that can be provided to IDA Ireland, Enterprise Ireland and Science Foundation Ireland – in their combined lifetime – from €7bn to €14bn.

Business minister Heather Humphreys (pictured) said that the measures will help companies to remain competitive and resilient in the face of global challenges, including Brexit.

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