Enterprise Ireland has announced a new round of funding aimed at encouraging businesses trading successfully here to expand into overseas markets.

The €1 million “Going Global” fund will help companies to explore new markets or introduce a new service or product to an existing market.

The scheme provides grants of up to €25,000, covering a maximum of 50 per cent of eligible costs.

The funding is open to companies who have not received more than €50,000 from Enterprise Ireland in the past five years. Eligible companies must have 10 employees and turnover of more than €1 million.

“Ireland has a host of successful companies selling well-developed, high quality products and services within Ireland. With their strong offerings, such companies have the potential to secure business in overseas markets. This fund is designed to assist such companies to explore and validate their overseas market potential,” said Enterprise Ireland’s manager of business and consumer services Marina Donohoe.

“Securing export sales can provide Irish companies with their next wave of growth, boosting sales and creating additional employment.”

The Going Global fund was established in January 2009, and so far has approved seven rounds of funding worth almost €2.7 million to 183 companies.

The first round of applications will close on June 20th, and will be reopened in the autumn.