'It will support entrepreneurs, start-ups and social enterprises to grow and thrive': £27.4m Local Growth Fund boost for Northern Ireland businesses, innovation and connectivity

Finance Minister John O’Dowd has announced £27.4 million in capital funding from the Local Growth Fund to boost regional growth, support businesses, regenerate communities and improve connectivity.

Announcing the allocations, Minister O’Dowd said: “This investment will deliver tangible benefits for communities, businesses and our agricultural sector across the North.

“It will support entrepreneurs, start-ups and social enterprises to grow and thrive, while funding for community regeneration will help transform vacant and underused assets, improve access to employment and skills opportunities, and strengthen the social economy.

“Investment in agricultural innovation will boost productivity and help our rural sector while improvements to transport and connectivity will make it easier for people and businesses to access opportunities and participate in economic growth.”

The allocations are as follows:

£13.292m to Department for the Economy to support investment in innovation, start-up and business development, and support social enterprise development.

£7.068m to Department for Communities to improve community infrastructure, regenerate vacant and underused assets, enhance access to employment and skills opportunities, and support social enterprises.

£3.82m to Department of Agriculture, Environment and Rural Affairs to support innovation and productivity within the agricultural sector.

£3.249m to Department for Infrastructure for investment in transport and connectivity improvements.

The Minister concluded: “While my Executive colleagues and I urged the British Government to reconsider its decision to impose a capital-heavy profile, Westminster confirmed that the funding profile would remain unchanged.

“The entire handling by the British Government on this Fund put us in a position which was far from ideal. However, to make the best use of the available funding, the Executive has now agreed capital allocations from the Local Growth Fund for 2026-27. A co-design process, involving the community and voluntary sector alongside other key stakeholders, has begun to shape the delivery of the Local Growth Fund in 2027/28 and 2028/29.

“I will continue to argue that funding priorities should be determined by locally elected Ministers, not Westminster. I will also continue to make the case that the overall funding package falls short of previous EU Funding and breaches former British Government commitments that we would not be left financially worse off following Brexit.”