Enterprise Ireland has introduced a new grant scheme for companies impacted by Brexit to explore international growth markets outside of the UK.

The new Post-Brexit Market Growth and Diversification Grant is now open for eligible Enterprise Ireland and Bord Bia client companies to enable access to an accelerated strategic market development programme.

To qualify for the grant, companies must satisfy three criteria. First, companies must demonstrate they incurred a 5% reduction in UK sales in 2020, 2021 or 2022 compared to 2019 levels.

Secondly, companies will receive up to 50 days of consultancy to develop a ‘go to market’ plan, with a grant of 80% subject to a maximum of €36,000.

Applicant companies must then complete a Brexit impact declaration and submit an application by 31 May 2023, with claims to be submitted by 31 October 2023.

Enterprise Ireland global communications and strategic marketing manager Conor O’Donovan said the new grant was a key component of helping companies achieve market diversification in the post Brexit era. The new grant scheme “complements the other Brexit supports available through Enterprise Ireland’s Brexit Adjustment Initiative”, he explained.

Bord Bia CEO Jim O’Toole commented: “Irish food and drinks exports were valued at €16.6bn last year. Given its scale and importance, the UK remains our top priority market albeit operating alongside a clear market diversification strategy for product categories with over dependence. This new grant will assist companies to develop a robust market diversification strategy,” he stated.  

The initiative was also welcomed by the enterprise minister Simon Coveney who said that while exports in general to the UK remained resilient since 2019, there were certain companies and sectors who were adversely impacted by the new trading relationship with the UK.

“We want to help these companies to bring their products and service to new markets and to seek out new supply chain avenues. To do that effectively, they need a strategic plan and this new initiative will provide them with the right tools and approach to thrive in new markets.”

The new grant scheme was negotiated with the EU Commission under the Brexit Adjustment Reserve funding mechanism, which is designed to support impacted industries post-Brexit.

Reporting: Business Plus