My Department’s Regional Enterprise Development Fund (REDF) is a competitive Fund that has been introduced to co-finance the development and implementation of collaborative and innovative enterprise projects that can make a significant impact on enterprise development in the regions so as to help sustain and add to employment at county, regional and national level. The Scheme is also aimed at supporting the development of initiatives that help strengthen the capacity of regions to adjust and cope with the potential effects of external economic challenges and opportunities.
The Fund, administered on my Department's behalf by Enterprise Ireland, complements in particular the work underway by regional stakeholders all around the country in implementation of my Department's Regional Enterprise Plans, and more generally, the objectives of Future Jobs Ireland and Project Ireland 2040.
Under the REDF to date, just under €60 million in total funding has been approved across 42 collaborative projects over two completed calls in 2017 and 2018. Projects have been supported in every region.
On 24 June 2019, I announced a further €45m Call 3 of the Regional Enterprise Development Fund (REDF). This call continues to support the development and implementation of collaborative and innovative projects.
This Third Call closed on 25 September 2019, and a total of 57 eligible applications were received by Enterprise Ireland. It is my intention that the successful projects will be announced before the end of the year.
Call 3 of the REDF has sought projects under three Streams: 'Strategic Change Projects' capable of attracting funding of up to €5 million; smaller scale 'Regional Strengthening Projects' that may attract from €100,000 up to €500,000; and industry led enterprise clustering initiatives that can attract funding of €50,000 to €350,000.
The Regional Enterprise Development Fund REDF also sits alongside and is 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 Ireland.