Three types of projects will be considered for funding:
- Project Type 1 – Capital Investment
- Project Type 2 – Business Mentoring and Capacity Development
- Project Type 3 – Upskilling and Training
Project Type 1 – Capital Investment
Projects that support capital investment by enterprises engaged in the blue economy. These investments will enable innovation, diversification, value-adding, and will allow enterprises to increase employment and support the evolution of enterprises through scaling-up. The Scheme will prioritise enterprises that are directly involved in inshore fisheries and/or are classified as micro businesses. The scheme will also prioritise those that are purchasing equipment that supports entrepreneurial initiatives that build economic, social and environmental sustainability within coastal communities.
Project Type 2 – Business Mentoring and Capacity Development
Business mentoring and capacity development projects will support businesses or individuals engaged in the blue economy to develop their businesses and allow them to maximise current and future opportunities as well as allowing them to adapt to the new market realities and opportunities post-Brexit.
Project Type 3 – Upskilling and Training
With the projected loss of employment from the fishing industry arising from the TCA (Trade and Cooperation Agreement), upskilling and training will support individuals to make use of their existing skills and knowledge gained through a lifetime spent in the marine sector. Upskilling and training will allow them to develop new skills that will enable them to exploit complementary economic opportunities in the blue economy. Upskilling and training will also cover digital literacy giving businesses or individuals the skills and ability to connect with and exploit the opportunities of the increasingly digital-first world.