The award to Dungannon and South Tyrone Borough Council includes £58,200 for specialist training and a contribution of £61,000 towards a capital grant scheme.
Announcing the award Minister Ritchie said: "I recognise that if we are to tackle the long term spiral of deprivation we must improve the employment prospects of those living in our most deprived communities."
"This innovative project, led by Coalisland Neighbourhood Partnership, offers real opportunities for individuals and businesses in the Coalisland Neighbourhood Renewal Area to benefit from our developing economy.
"It engages the private sector to develop their businesses and offer opportunities for employment to residents of the Coalisland Neighbourhood Renewal Area."
"I would encourage people living in the area to make full use of the unique opportunity that it offers to improve their employment prospects," added the minister.
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The training element to this project is in two phases. Phase one will provide training for managers of local businesses to ensure that they have the necessary skills to get the best performance from their businesses.
Phase two offers specialist training to ensure that people who live in the Neighbourhood Renewal Area can acquire additional skills appropriate for working in the business sector.
It is anticipated that additional employment opportunities will emerge and that local people will be best placed to avail of those opportunities.
The capital grant scheme element of the project will encourage property owners in high profile sites in the town centre to improve the appearance of their properties and thereby consolidate their businesses.
The overall appearance of the town centre would also be improved. Councillor Francis Molloy, Chairman of both Coalisland Regeneration Partnership and Coalisland Neighbourhood Renewal Partnership, welcomed the funding announcement and said: "This is a fantastic project which Neighbourhood Renewal has been advocating for some time.
"This provides an excellent opportunity to regenerate the image around Coalisland's shop fronts and to encourage shoppers and visitors back into Coalisland town centre."
"The funding will also enable owner/managers to avail of high quality training and support to help them develop and grow their businesses, with the aim of providing employment opportunities for residents of the neighbourhood renewal area," said Councillor Molloy.
Richard Thornton, Manager of Coalisland Training Services, welcomed the funding and said: "CTS Ltd are delighted to be involved in this new initiative".
He said it was "a great opportunity for the people in the Neighbourhood Renewal Area to avail of retail training with the prospect of employment in their own locality".
(PR/JM)
