Belfast businesses set to benefit from £13m growth and innovation boost

Businesses across Belfast and the wider region are set to benefit from more than £13 million in new funding aimed at supporting innovation, business growth, start-ups and social enterprise development.

The Department for the Economy has been allocated £13.292 million in capital funding from the Local Growth Fund for 2026/27. The investment is intended to improve productivity, stimulate regional economic growth and support the development of new businesses and employment opportunities.

Of the total allocation, £7.1 million has been earmarked for Invest NI programmes supporting business innovation and research and development. The funding will also support early-stage design and feasibility work for the Mandeville site in Craigavon.

A further £1.7 million has been allocated to Go Succeed, the council-led business support service, towards service delivery and capital grants designed to help companies grow.

For Belfast businesses, the announcement provides additional support at a time when companies across the city are being encouraged to improve productivity and invest in new ideas.

Innovation and research and development are becoming increasingly important to businesses looking to compete in markets where technology is developing rapidly. Access to funding can help companies explore new products, improve processes and invest in technologies that may otherwise be difficult to finance from existing resources.

The investment also forms part of a wider three-year Local Growth Fund programme. Northern Ireland has an indicative £129 million allocation over three years, with the fund focused on two broad priorities: enhancing productivity and promoting active participation in the workforce.

For Belfast, the funding comes against a backdrop of continued business investment. Invest NI reported earlier this year that its support had helped secure £325 million of business investment in the Belfast City Council area during 2025/26, with more than 2,300 new jobs expected to be created as a result.

The agency supported 500 investments in Belfast during the year, with 440 involving locally owned companies.

The latest funding could therefore complement existing efforts to help businesses scale while strengthening Belfast's position as a centre for innovation and investment.

International expansion is another potential route for companies seeking to grow. Belfast businesses with established products or services may increasingly look beyond Northern Ireland for new customers, investors and commercial partnerships.

China represents one of the international markets attracting renewed attention from UK companies. The UK and Chinese governments have been working to improve market access and expand trade, with the UK-China Joint Economic and Trade Commission highlighting opportunities for British businesses to increase exports.

A new UK-China Business and Innovation Hub in Suzhou has also been established to support two-way trade and investment, including acting as a launchpad for UK businesses entering the Chinese market.

For Belfast companies considering such an expansion, understanding the requirements of the target market is an important first step.

The Local Growth Fund's emphasis on innovation could also prove valuable for companies developing technologies or services with international potential. Investment in research and development can help businesses build products that are capable of competing beyond the domestic market, while growth grants can provide additional support as companies expand.

Go Succeed is intended to provide support throughout different stages of the business lifecycle, from start-up through to expansion. Its capital grants can help businesses make investments that support their development, alongside advice and wider business support.

For Belfast's business community, the combination of public investment, innovation support and international opportunities could provide a stronger platform for future growth.

The latest £13 million allocation is ultimately intended to help businesses become more productive, develop new ideas and create opportunities across Northern Ireland. For companies in Belfast with ambitions to expand, it provides another source of support at a time when investment in innovation and access to new markets are becoming increasingly important.