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Covid-19 Pandemic Supports

Dáil Éireann Debate, Thursday - 16 July 2020

Thursday, 16 July 2020

Questions (46)

Richard Bruton

Question:

46. Deputy Richard Bruton asked the Tánaiste and Minister for Business, Enterprise and Innovation his plans as part of the recovery fund to create space for new initiatives within the regional enterprise strategies; and if he will make a statement on the matter. [16360/20]

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Written answers

My Department is currently engaged in final preparations on the July stimulus package and on preparations for the announcement of the National Recovery Plan on budget day in October. The purpose of the July package will be to save jobs and businesses, create new ones and to get people back to work. The National Recovery Plan will include the need for a major reskilling programme, as well as investment in education and policies to promote balanced regional development.

The individual Regional Enterprise Plans play a central role in supporting the delivery of balanced regional enterprise development and in ensuring that employment growth is spread across all regions.

At the end of June this year my predecessor as Minister, Heather Humphreys TD met with the Chairpersons of the nine Regional Enterprise Plan Committees on conference call and invited them to work with the Committees to identify proposals that would help to address economic impacts of the COVID-19 pandemic in their region. These groups are meeting in virtual format over the coming weeks to focus on this and will report back to my Department, with a view to contributing to the development of the National Recovery Plan in due course.

The Department’s Regional Enterprise Development Fund (REDF), administered by Enterprise Ireland and first introduced in 2017, complements the Regional Enterprise Plans by supporting collaborative projects that strengthen enterprise growth potential in the regions. To date, just over €100 million in funding for 68 projects has been approved over three competitive calls.

On 22 June 2020 Minister Humphreys announced the results of a targeted Border Enterprise Development Fund (BEDF) which sees a further €17.0 million in funding approved for 11 enterprise ecosystem strengthening projects across the Border Region that are aimed at mitigating the challenges for businesses in that region in the face of Brexit. This fund is part of a wider €28 million Border Stimulus Package.

The REDF and BEDF sit alongside and are complementary to the funding opportunities under Project Ireland 2040, the Rural and Urban Regeneration and Development Funds, Climate Action, and Disruptive Technologies, which collectively provide an opportunity to strengthen the regional enterprise ecosystem throughout the country.

When this funding is combined with the €2 billion Pandemic Stabilisation Recovery Fund, which provides capital through the Ireland Strategic Investment Fund to medium and large enterprises; the Sustaining Enterprise Fund, which provides funding of up to €180 million to enterprises including small enterprises; together with the other COVID-19 Grant and Support schemes provided; it is clear that enterprises currently have access to a wide range of measures. These measures will be further developed by the July Stimulus Package and the National Recovery Plan.

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