independent

Monday 22 July 2019

New round of regional funds available

Minister Heather Humphreys announces new round of Regional Development Funding. (pic by Shane O’Neill-SON Photographic)
Minister Heather Humphreys announces new round of Regional Development Funding. (pic by Shane O’Neill-SON Photographic)

The Minister for Business, Enterprise and Innovation, Heather Humphreys TD, has announced that she would be making a further €45 million available under the Regional Enterprise Development Fund (REDF).

The fund is an initiative of the Government under Project Ireland 2040 and aligns with the Department's Future Jobs Ireland plan. The call is open for applications from today and closes on 25th September 2019. The successful projects will be announced before the end of the year.

Under a competitive process, applications are now sought for funding under three streams with varying investment levels.

The first stream is for Strategic Change Projects, to support major collaborative initiatives with high impact on regional development with funding up to €5m per project

the second is for Regional Strengthening Projects designed to stimulate new local community based or regional initiatives to address identified gaps in the enterprise ecosystem with funding up to €500k per project

The third stream is for Enterprise Clustering Projects and this scheme is designed to stimulate enterprise clustering and support the further growth of established industry clusters regionally; by sector and nationally with funding up to €350k per project

To support the development of these projects, the Minister also launched a Feasibility Fund of up to €15k per eligible project. This is intended to support projects to develop and submit high calibre applications for Strategic Change and Regional Strengthening Projects.

Announcing the opening of the third call of the Regional Enterprise Development Fund, Minister Humphreys said: 'I am delighted to announce the third call of the Regional Enterprise Development Fund, which is worth €45 million.

'This Fund is about creating sustainable jobs in the regions. It's different to other initiatives because it supports projects with regional impact, rather than having a county level focus.

'Collaboration is central to the Fund. It encourages regional stakeholders, both public and private sector, to work together and bring forward initiatives that build on each region's strengths, whether that's food, pharma, the bioeconomy or anything else.

'Crucially, the Fund will help build Brexit resilience and supports the vision of the nine new Regional Enterprise Plans, which I launched earlier this year. The Plans take a 'ground up' approach to maximise business development and job creation in every part of the country."

Eoghan Hanrahan, Regional Director for Dublin, Enterprise Ireland said: 'The Regional Enterprise Development Fund is an effective mechanism of supporting regional development. Following a rigorous evaluation process, the first and second call provided funding totalling €60m which funded 38 feasibility projects and 42 large scale projects in locations across the country. We again anticipate strong interest in this third call and look forward to working with regional stakeholders on innovative proposals to build scale at a regional level.'

Fingal Independent

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