What projects can be assisted?
Projects applying for assistance under the Economic Development Grant Scheme will be expected to demonstrate that a number of the following primary outcomes can realistically be achieved:
- Improved product quality
- Import substitution
- New market development
- Improved productivity
- Improved service delivery
- Introduce new or improved manufacturing processes
- Introduce new business activity
Projects which cannot demonstrate that they will achieve one or more of the above primary outcomes will not be considered for grant assistance.
Applications must also demonstrate which of the following secondary outcomes will be achieved by their project:
- Encourage inward investment from the private sector
- Encourage receipt of external grant funding
- Improve access to employment and economic opportunities in rural areas
- Improve local control of resources
- Improve the local skills base
- Improve local employment conditions
- Increase local wage rates
- Infrastructure and/or service development in remote and rural areas
- New job creation
- Promote more sustainable use of resources
- Reduce costs and/or improve efficiency
- Result in environmental improvements
Projects which cannot demonstrate achievement of secondary outcomes may still be considered for assistance, but will not be regarded as a priority for funding.
Target Economic Areas
The following is a list of the target areas of economic activity which the Economic Development Service regard as priorities for development, where there is a particular focus on innovation, diversity and growth:
- Creative Industries
- Food and Drink (inc. fisheries and agriculture)
- New Technology
- Renewable Energy
- Tourism Projects generating activity within the above areas will be considered priorities for assistance.
Projects outside of these areas may also be considered for support if strong links to the above primary and secondary outcomes can be demonstrated.
Projects which cannot demonstrate links to secondary outcomes and target areas of activity will only be supported under the Economic Development Grant Scheme in exceptional circumstances.