Regional Enterprise Development Fund 2017-2020
Overview of the Regional Enterprise Development Fund
In February 2015, as part of an overarching strategy to support regional enterprise development, the Government announced a Regional Competitive Fund with the objective of supporting significant regional initiatives to build on sectoral strengths and/or to better leverage identified resources to improve enterprise capability. The Fund was launched over two calls in 2017 & 2018 with 38 Feasibility and 42 main stream projects approved approx. €60m in funding. These supported projects are located in every region of the country.
REDF Call 3
Following the success of the initial scheme the Minister for Jobs, Enterprise & Innovation has launched a new scheme with funding of a further €45m to support the achievement of objectives outlined in the Regional Enterprise Plans; Future Jobs Ireland and Enterprise Ireland’s “Powering the Regions” initiatives.
The funding will be delivered through one Scheme call. The call launched on the 24th June 2019 will remain open for applications up to the call close date which is 15.00 on Wednesday 25th September 2019. Applications received by Grants Admin after 15.00 on the 25th September will be ineligible. Note that is an absolute cut off point as it is a computerised shut down at 15.00 and as it is a competitive call any applications not received by that time cannot be considered. Call 3 Regional Enterprise Development Fund information sessions will be run in each region over the next 5 to 6 weeks, details will be available shortly.
Objectives of the Scheme
The Scheme 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, (“the Projects”). This will be achieved by co-financing the development and implementation of collaborative and innovative projects that can sustain and add to employment at a national, regional and county level.
The overarching aim of this Scheme is to drive enterprise development and job creation in each region throughout Ireland.
The Scheme also seeks to stimulate enterprise clustering initiatives, which are defined as structures or organised groups of independent parties designed to stimulate innovative activity through promotion, sharing of facilities and exchange of knowledge and expertise and by contributing effectively to knowledge transfer, networking, information dissemination and collaboration among the undertakings and other organisations in the connectivity.
The scheme will support the development of initiatives that help strengthen the regional ability to adjust and cope with the potential effects of international economic changes that may impact on regions or sectors performance nationally.
Scheme Structure- The Scheme has three streams:
Stream One to support Strategic Change Projects with major regional, multi-regional or national sectoral initiative grants from €500k up to €5m per project in funding towards capital and current costs, at a maximum grant rate of 80% of actual costs. These initiatives should be focussed on achieving defined enterprise development outputs and impacts.
Stream Two for Regional Strengthening Projects, grants from €100k up to €500k per project in funding towards capital and current costs, at a maximum grant rate of 80% of actual costs These projects should be focussed at local, county or regional initiatives that have defined metrics for enterprise development in the area.
Stream Three to support significant Enterprise Clustering Initiatives with grants of €50k up to €350k per project in funding towards current costs, at a maximum grant rate of 80% of actual costs. These projects should support industry-led groups to maximise the benefits of collaborative opportunities where the results of the activity will have identifiable and measurable impacts on their business.
Balance of funding of min 20% may be from the private, community or public sector (including HEIs and Local Authorities). The matching funds of 20% can be in cash or kind (with a cash minimum of 10%). *
In respect of Enterprise Clustering Initiatives, the balance of funding of a minimum of 20% may be provided from companies within the cluster in addition to private investment funding.
*Note: In-kind contribution will only be accepted in the form of the following:
Notional value of a premises if donated by one of the parties i.e. market value of potential lease over the period proposed (the applicant groups must own the building OR must hold a lease of not less than 15 years.)
Salary costs of staff seconded full time to the project by one of the applicant group members.
Click here to download the REDF Scheme document.
MORE DETAIL LINK HERE