The Department for the Economy has announced the allocation of over £13 million from the Local Growth Fund, aimed at fostering innovation, business start-ups, and social enterprise development. The funding package, totalling £13.292 million, includes substantial investments for both Invest NI and Go Succeed.
Economy Minister Dr Caoimhe Archibald highlighted the importance of this funding, stating, “While I remain concerned about the structure of the Local Growth Fund, I welcome this allocation. This funding will directly benefit businesses right across the north through funding for both Go Succeed and Invest NI.” She added that these initiatives “will stimulate local economic growth, improve productivity, and develop social enterprises,” aligning with her priorities of enhancing productivity and regional balance while creating more quality jobs.
The funding breakdown includes £7.1 million earmarked for Invest NI programmes, which are designed to assist businesses in advancing innovation and research and development. This allocation also encompasses early-stage design and feasibility work for the Mandeville site in Craigavon. Furthermore, £1.7 million is designated for Go Succeed, aimed at enhancing service delivery and providing capital grants to facilitate business growth.
However, not everyone is convinced that the Local Growth Fund adequately addresses the pressing needs of community services. East Londonderry MLA Claire Sugden voiced her concerns, asserting that the fund “fails to address the serious funding pressures facing community and voluntary organisations.” She pointed out that while £27.4 million has been allocated for capital investment in buildings, equipment, and infrastructure, only £11.8 million is available for resource projects, which are crucial for supporting vulnerable populations.
“The capital investment is welcome, but it does not replace the funding community organisations have lost,” Ms Sugden emphasised. She further argued that “there is little value in improving a community building if the organisation cannot afford the staff or programmes needed to keep its doors open.” Sugden called for a reassessment of the funding profile, insisting that “the community and voluntary sector must now have a meaningful role in designing the fund for the next two years,” to ensure a better balance between capital and resource funding.
As projects continue to develop, the impact of this funding on local businesses and community organisations remains to be seen. The ongoing discussions around the Local Growth Fund’s structure and focus will be crucial in determining its effectiveness in supporting the communities it aims to serve.
