A new €60 million fund has been set up to support the country's small and medium sized enterprises.
The fund, to be operated by Enterprise Ireland, was announced by the Minister for Enterprise, Trade and Employment Michael Martin this afternoon.
Known as the Growth Fund, it will help SMEs to invest in staff, equipment and technology to increase competitiveness and encourage new exports.
Eligible companies will receive €650,000 from to support business plans that meet the main criteria of the scheme.
Announcing details of the scheme, Mr Martin said improving competitiveness was a priority in the face of growing international pressure.
"As SMEs make up over 97 per cent of the Irish business sector, it is imperative that they have the capacity and capability to innovate and grow," he said.