Dáil Éireann Debate, Thursday - 24 May 2018
12. Deputy Jan O'Sullivan asked the Minister for Business, Enterprise and Innovation when the second call for collaborative projects under the regional enterprise development fund will be issued; the amount that will be available for successful projects; if the criteria will be the same as for the first call; and if she will make a statement on the matter. [22622/18]
Amharc ar fhreagraThe REDF is aimed at accelerating economic recovery by delivering on the potential of local and regional strengths. It is a key action to support the Regional Action Plans for Jobs and the Action Plan for Rural Development.
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.
Minister Humphreys launched the second call of the Regional Enterprise Development Fund (REDF) on 16th April 2018 with a closing date of 28th June 2018. This call will fund projects with the balance of the €60m remaining under the fund. The criteria for the second call remains the same as that set out for the first call.
A maximum 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 potential, strengths and capabilities to grow the regions. Projects must be impactful, with the key impact focus being sustainable job creation.
The fund will consist of 4 streams, as follows:
Stream 1: Major Regional Change Projects
Investment of €2m up to €5m per project (with a minimum 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 specialized 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 (with a minimum of 20% to be leveraged from the private, community or public sector) for initiatives with high impact at regional/multi-regional level. For example: developing e-working centres; stimulating the development of SME outreach from the third-level education sector; and projects to accelerate start-ups.
Stream 3: Local and 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 and networks. Examples of potential projects include: start-Up/Scaling academies; local networks/ consortia to deliver sectoral growth; and, addressing sectoral challenges around green, energy, digital, or innovation.
Stream 4: Industry Clusters
Investment of €50,000 up to €250,000 per project (with a minimum of 50% to be leveraged from the private, community or public sector) to maximize 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.
