In making the recommendation for support for the Inshore processing sector, the Task Force noted that this should be funded through a combination of capital support for processors as well as funding for Community Led Local Development initiatives targeted at the inshore sector.
I was pleased to announce the €45 million Brexit Seafood Processing Support Scheme in May 2022. The scheme offers grant rates of between 30% and 50% for capital investment in SME seafood processing enterprises, varying depending on the degree of value added in the project.
The scheme seeks to support SMEs in all segments of processing sector, including inshore related processing, to engage in transformational change, mitigating the effects of the Trade and Cooperation Agreement and Brexit. It also seeks to build more environmentally friendly, sustainable and competitive enterprises which serve the EU and wider global markets, create higher levels of employment more locally, and make better and more sustainable use of Irish landed or imported raw material. The scheme is aimed at supporting industry-led transformative capital investments that enable the sector to focus on 'creating more from less' in the wake of reduced supply of raw material. It is also aimed at moving enterprises in the sector further up the supply chain to produce higher value products and shift the industry to a focus on secondary processing and beyond to products targeting end-user markets.
In 2022 I also announced the €25 million Brexit Blue Economy Enterprise Development Scheme to facilitate community led local development. The scheme supports entrepreneurial initiatives which are located within 10kms of the coastline. Capital grants are available under the scheme with priority given to enterprises that are directly involved in inshore fisheries.
Approved projects must be completed in advance of payments being made to eligible beneficiaries. Given the nature of capital investments, the majority of projects will not be completed until later this year at which stage payments under these schemes will be made. Following the completion of BAR schemes in 2023, new initiatives will be launched under my Department’s EMFAF Seafood Development Programme.
