Financial and Economic Resources

The development incentives available in Northern Ireland compare favorably with many available elsewhere, making for excellent business prospects in the Magherafelt District.

Companies locating or expanding in the area can call upon the advice and assistance of the regional economic development agencies - the Local Enterprise Development Unit (LEDU) for companies with up to 50 employees, and the Industrial Development Board (IDB) for larger companies. Other departmental agencies are also on hand to help.

The Training and Employment Agency offer recruitment services, employment incentive schemes and a highly trained workforce. Technical assistance with research and development work is available from the Industrial Research and Technology Unit (IRTU), the Department of Agriculture is on hand to assist with agri-business developments and the Northern Ireland Tourist Board will assist with tourism related projects.

European funding for economic development schemes in the area mean that a range of varying grants are available for both capital and revenue expenditure. Working through the system of grants requires an excellent localised knowledge, and this is where the staff at Magherafelt Council can be of real assistance to businesses locally.

Our experience of the grants system, combined with our knowledge of and commitment to the development of the local area could open up new and exciting opportunities for your business.

Whether you are establishing a new business in the area or expanding an already successful enterprise, the combination of a comprehensive range of business support together with the central location and excellent lines of communication make the Magherafelt district a first class choice.

Magherafelt District Council is keen to promote economic growth from within the area as well as encouraging inward investment, and a comprehensive development plan, backed by financial assistance from European funds is in place for the district.

In the Magherafelt area, the entrepreneurial spirit is deeply rooted. Since the early 1980s, the rate of self-employment in the area has been as much as 50 per cent higher than for Northern Ireland as a whole. Several local firms have grown to become excellent companies manufacturing products which are competitive both at home and in export markets.

A number of development schemes have already been successfully implemented, including the development of tourist facilities, establishment of community economic development projects and assistance to local businesses with exporting. Future plans within the Council will focus assistance on enterprise and business development, community economic development and tourism infrastructure.

The Moyola Valley Development Partnership is one of eight Area Based Strategies set up under Rural Development Programme of the Department of Agriculture for Northern Ireland. The Strategy is implemented through a local partnership of the public, private and community/voluntary sectors.

It encompasses eight of the wards within Magherafelt District Council which border the Sperrin Mountains: Draperstown, Lecumpher, Lower Glenshane, Maghera, Swatragh, Tobermore, Upperlands and Valley. Grants are available for a wider range of economic, social and environmental projects under the maim themes (agriculture, business, environment, health and personal services, tourism and youth.

To assist businesses locating or expanding in the Magherafelt District, the Council has established a single point of contact for advice and assistance on the variety of European programmes within the area.

For further information on European funding programmes and financial assistance contact:

Mr John A. McLaughlin, Chief Executive

Magherafeit District Council " Council Offices 50 Ballyronan Road Magherafelt BT45 6EN

T: 028 7939 7979