Enterprise Ireland have launched a new fund which could see agri-business entrepreneurs receive up to €25,000 to grow scalable agri-businesses.

The Competitive Feasibility Fund for Agri Business Entrepreneurs was established to assist individuals, early stage companies or prospective businesses operating in the agri-business sector to investigate the viability of a new growth-orientated business proposition which has the ability to develop innovative technologies, products or services for sale on world markets.

Successful applicants will be awarded feasibility funding to support a maximum of 50% of the study costs. The purpose of the Feasibility Grant is to enable the promoter to reach firm conclusions regarding the project's viability and set out investor-ready plans and financials associated with developing and commercialising the product or service on international markets.

Applications for the fund will be considered on a competitive basis and funding will go to businesses and entrepreneurs likely to achieve significant growth within three years with sales of €1m per annum and employment of 10 or more, or, where a company is required to have FDA or CE approval, to have €1 million in sales within three years of approval to sell.

To be eligible to apply for the funding, applicants must be part of the lead management team, with a business start up that has the potential to create jobs and export growth. The new business must be less than three years since the date of incorporation; a manufacturing or an internationally traded services business; not involved in activities that fall within gambling or "gaming" as defined in the Gaming & Lotteries Act 1956 and have the potential to create jobs and significant growth in the Agri-Business Sector.

The closing date for applying for the fund is 3pm, Tuesday, 21 October 2014.