The Deputy will be aware that the Regional Enterprise Development Fund (REDF) was introduced to support the development and implementation of collaborative and innovative projects that can sustain and add to employment at county, regional and national level. The REDF, which is administered by Enterprise Ireland, has been an effective instrument of policy particularly as a complement to my Department’s Regional Enterprise Plans where it has served as an enabler for projects emerging from that regional collaborative process.
The REDF 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 the country.
To date, the REDF has been delivered through two competitive calls with 42 projects across all regions securing a total of just under €60 million in all regions.
On the 24 June 2019, I announced a further €45 million Call 3 of the Regional Enterprise Development Fund. Call 3 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. This Call will continue to support the development and implementation of collaborative and innovative projects in every region. To ensure a greater regional spread of the funding, each region has the opportunity to secure a minimum of €2 million in REDF funding once projects have met the minimum qualifying standard according to the criteria set down by Enterprise Ireland.
I am pleased to inform the Deputy that the eligible projects submitted under Call 3 are currently being evaluated and I expect the process to be completed over the coming weeks, which will enable me to make an announcement on the successful projects in the coming weeks.