Small and medium enterprises in Northern Ireland and the Border counties are among those being invited to apply for funding under a £14 million EU backed special programme for Peace and Reconciliation.

The money will be allocated over three years and is aimed at improving cross Border business and cultural links. The Irish Business and Employers Confederation (IBEC) and its counterpart in the North, the CBI, have appointed Mr Malcom Ross as programme manager for the fund.

Likely applicants will be small and medium firms, local economic development organisations, statutory agencies and community groups, according to Mr Ross.

Preference will be given to applications from areas of socio economic disadvantage, he says, in respect of projects which impact primarily on Northern Ireland and Louth, Cavan, Leitrim, Sligo Donegal and Monaghan.

Under the scheme the maximum grant is £250,000. Business activities which may be considered include the formation of joint venture companies, cross Border linkages, materials procurement or cross Border economic studies.

"Such projects can attract a grant of up to a maximum of 50 per cent, over at most, three years, subject to annual review," Mr Ross says.

He says business projects should help small and medium firms to become more competitive or contribute to increased cross Border trade and employment in their local areas.

Cultural activities can attract grant aid of up to a maximum of 90 per cent according to Mr Ross, who is on secondment from the North's Department of Economic Development.

Further information may be obtained from Co Operation North's offices in Dublin or Belfast. MARINE and Mercantile Securities (M&M), the independent oil "and gas exploration and production company has applied for admission to the Alternative Investment Market (AIM).

It has also successfully placed five million ordinary shares at 135p per share, conditional on admission to AIM.

The placing will raise £6.75 million for the group before expenses.