The Minister for Jobs, Enterprise and Innovation, Richard Bruton has launched the €150m Development Capital Scheme and issued a call to fund managers to signal their interest in establishing funds to invest in Irish SMEs.
The announcement was made at a briefing for the financial services community in the IFSC on the Action Plan for Jobs.
Under the new fund, the Government through Enterprise Ireland will invest a total of €50m in two funds with the target of leveraging a further €100m from the private sector.
The Development Capital Scheme is aimed at addressing a funding gap for mid-sized, high-growth, Irish businesses with significant prospects for growth and job-creation.
This scheme will increase the availability of risk capital for Irish medium-sized enterprises engaged in manufacturing and technology.
It will also target high-growth trading services companies in Ireland - in specific sectors including engineering, food, life sciences, and electronics.
The typical companies that are expected to benefit are in the range of 60-160 employees.
Making the announcement at a briefing attended by members of the financial services community, Minister Bruton said, "A key part of this Government's plan for growth and job-creation is building a powerful engine of indigenous enterprise. Our ambition must not only be to attract the next Google or Microsoft to Ireland, but to develop and grow the next Google or Microsoft in Ireland''.
"The Development Capital Fund provides a unique opportunity for Fund managers to receive a commitment from Enterprise Ireland to establish Funds to invest in manufacturing, technology and high growth trading services companies in Ireland,'' commented Enterprise Ireland CEO Frank Ryan.
''We have many vibrant companies with ambition to grow significantly. Indigenous industry is an essential contributor to economic prosperity and job creation and this fund will play a significant role in driving this growth activity,'' he added.
Enterprise Ireland will manage the Development Capital Fund and Fund managers have until July 16 to signal their interest.
