Bord Bia has launched a new €400,000 grant scheme for “high potential” food and drink firms to take their business to the next level.

Details of its new “Step Change Programme”, aimed at companies with a turnover between €100,000 and €5 million, were announced at Bord Bia’s annual open day from small businesses.

The agency’s existing financial “Marketing Assistance Programme”, which provided 186 companies with a total of €976,000 in marketing grant aid last year, will operate separately.

Bord Bia expects the new scheme, which is open to small food, drink and horticulture businesses, to benefit at least eight businesses this year, with individual grants of up to €50,000.

Opening the event, Minister of the State at the Department of Agriculture, Food Tom Hayes told attendees: "Ireland needs entrepreneurs. We have to have risk takers who will venture out and set up businesses that directly contribute to economic recovery."

Bord Bia’s director of food and beverages Tara McCarthy said: “This new enhanced grants programme has been designed to assist progressive small food, drink and horticulture companies to fund a significant project that will positively impact the company’s growth.”

“Applicants must demonstrate new, innovative developments and activities, which will involve a considerable departure for the company, for example, a product launch on a new export market, establishing a new route to market or launching a new brand range.”

The closing date for receipt of applications for both the financial programmes is February 6th.