Enterprise Ireland is establishing a new fund to help firms improve their competitiveness in the market place.
The new scheme will build on the success of the Productivity Improvement Fund, which was set up in 2005 to help Irish firms improve competitiveness.
A total of 122 businesses applied for grants from the Productivity Improvement Fund in 2007, using the money to upgrade innovation, technology and staff training programs.
The Minister for Enterprise, Trade and Employment, Micheal Martin said the new fund is designed to respond to a more challenging market place. He welcomed the strong uptake of the Productivity Improvement Fund in 2007 across all regions and industrial sectors.
"It is clear there is strong demand from small and medium sized firms for investing in both technology and staff, and the Government has a role to play in supporting this," he said.