Finance Minister John O’Dowd has announced £27.4 million in capital funding from the Local Growth Fund for regional growth, business support, community regeneration and connectivity.
The Department for the Economy is to receive £13.292 million to support investment in innovation, start-up and business development, and social enterprise development.
A further £7.068 million has been allocated to the Department for Communities. The funding is intended to improve community infrastructure, regenerate vacant and underused assets, enhance access to employment and skills opportunities, and support social enterprises.
The Department of Agriculture, Environment and Rural Affairs is to receive £3.82 million for innovation and productivity in the agricultural sector. The Department for Infrastructure has been allocated £3.249 million for transport and connectivity improvements.
Mr O’Dowd said the funding would deliver tangible benefits for communities, businesses and the agricultural sector. He said it would support entrepreneurs, start-ups and social enterprises, while community regeneration funding would help transform assets and improve access to employment and skills opportunities.
The Minister said the Executive had agreed capital allocations for 2026-27 after the British Government confirmed what he described as a capital-heavy funding profile. He said the handling of the fund had left the Executive in a position that was far from ideal.
A co-design process involving the community and voluntary sector and other stakeholders has begun to shape delivery of the Local Growth Fund in 2027-28 and 2028-29. The Department said the capital allocation is in addition to £11.8 million of resource funding being delivered by MHCLG in 2026-27.