The Enterprise 2000 fund, set up jointly by Bank of Ireland and Enterprise Ireland, has committed £2 million (€2.54 million) to 20 fledgling Irish companies since its inception last year.
The seed capital fund has garnered a lot of interest, particularly from the technology sector. Ms Clare Shine, Enterprise 2000 fund manager, says there is a lack of seed finance at the moment.
"Clearly, while there are entrepreneurs out there, they have found it difficult to get funding in the past. We would welcome any competition in this area through the establishment of further funds," Ms Shine said.
The public/private sector fund - the first of its kind in Ireland - has already made 10 investments totalling £1 million, and a further 10 companies have been approved for funding.
With a maximum allocation of £200,000 allowed for each company, the primary recipients have been in the software and information technology industry.
The Enterprise 2000 fund will help more companies each year until 2002, allocating an average of £2 million a year to firms that show development potential. Projects and companies can receive £25,000 to £100,000 in return for a minority shareholding.
Applications can be obtained from Bank of Ireland branches, Enterprise Ireland, SFADCo and County Enterprise Board offices, or directly from the Enterprise 2000 fund's offices at 43 Pearse Street, Dublin 2.
