Dáil Éireann Debate, Wednesday - 18 April 2018
108. Deputy Tom Neville asked the Minister for Business, Enterprise and Innovation the type of projects eligible for support under the Regional Enterprise Development Fund 2017-2020; and if she will make a statement on the matter. [16189/18]
Amharc ar fhreagraI launched the Second Call of the Regional Enterprise Development Fund (REDF) on Monday the 16th of April. The first call under the Fund was announced in May 2017, with the results released in December 2017. Twenty-one applicants representing all regions of the country secured a total of up to €30.5m in financial support for a range of enterprise and capability development projects. The second call will fund projects with the balance of the €60m remaining under the fund.
The REDF is aimed at accelerating economic recovery in every part of the country by delivering on the potential of local and regional strengths. The funding is provided by my Department, through Enterprise Ireland under the National Development Plan. It is a key action to support the Regional Action Plans for Jobs and the Action Plan for Rural Development.
A maximum support level of up to 80% is available for projects, with the balance to be leveraged from the private, community or public sector.
The Fund will support major new collaborative and innovative initiatives that can make a significant impact on enterprise development in the region/across regions or nationally to build the unique USP capabilities to grow the regions. Projects must be impactful, with the impact being jobs.
The fund will consist of 4 streams, as follows:
Stream 1: Major Regional Change Projects
Investment of €2m up to €5m per project (min of 20% to be leveraged from the private, community or public sector) for major initiatives with high impact on enterprise development of the region and ability to create jobs, for example in Specialised Incubators; Hubs in Design; and initiatives in areas such as Medical Devices, Fintech, Agri-tech and Food etc.
Stream 2: Regionally Significant Change Projects
Investment of €250,000 up to €2m per project (min. of 20% to be leveraged from the private, community or public sector) for initiatives with high impact at regional/multi-regional level. Examples of potential initiatives include:
- Developing e-working centres;
- Stimulating the development of SME outreach from 3rd level;
- Projects to accelerate start-ups.
Stream 3: Local & Community Enterprise Development Initiative
Investment of €50,000 up to €250,000 per project (with a minimum of 20% to be leveraged from the private, community or public sector) to stimulate the development of community based enterprises & networks that can grow and sustain jobs in their area/county/region. Examples of potential projects include:
- Start-Up/Scaling Academies;
- Local Networks/ Consortia to deliver sectoral growth;
- Addressing sectoral challenges around Green, Energy, Digital, Innovation.
Stream 4: Industry Clusters
Investment of €50,000 up to €250,000 per project (min of 50% to be leveraged from the private, community or public sector) to maximise the benefits of collaborative opportunities through industry clusters (both established and new).
Further information and detail on the schemes is available on Enterprise Ireland’s website.
