€60m Regional Enterprise Development Fund Open for Applications
2nd June, 2017
Regional Information Session announced for South-West
Minister for Jobs, Enterprise and Innovation Mary Mitchell O’Connor TD and Minister of State for Employment and Small Business Pat Breen TD last week launched a new Regional Enterprise Development Fund of up to €60m.
On Thursday June 8th 2017, a regional information session will be hosted by Enterprise Ireland for those interested in obtaining further information, and those who may be interested in submitting applications under the new Regional Enterprise Development Fund. The event will take place at the Oriel House Hotel, Ballincollig, Cork from 4.30-6.30pm. Booking is not required.
The competitive funding has been provided by the Department of Jobs, through Enterprise Ireland and is a key action to support the Regional Action Plan for Jobs and the Action Plan for Rural Development. The Fund is aimed at accelerating economic recovery in every part of the country by delivering on the potential of local and regional enterprise strengths. The Fund will support significant collaborative regional initiatives to build on specific industry sectoral strengths and improve enterprise capability, thereby driving job creation.
Under a competitive process, Enterprise Ireland is now seeking applications for funding under four streams with varying investment levels:
- Major Change Projects - €2m up to €5m per project
- Regionally Significant Projects - €250,000 up to €2m per project
- Local & Community Enterprise Development Projects - €50,000 up to €250,000 per project
- Industry Clusters - €50,000 up to €250,000 per project
Competitive feasibility funding to support the development of high quality regional projects is also available as part of this initiative.
Jerry Moloney, Regional Director – Mid-West, Enterprise Ireland said, “A key role of Enterprise Ireland is supporting enterprise development. This fund will provide an important infrastructural mechanism to drive growth in developing enterprise across all regions. The fund will also support the development of industry clusters which will facilitate knowledge transfer, innovation and collaboration among organisations. These are important drivers of enterprise growth and job creation, and we look forward to supporting more regionally-based companies through this initiative.”
The Regional Action Plans for Jobs seek to build on the strengths and opportunities in each region and to build a regional ecosystem including a diversity of companies and sectors, sectoral clusters, a spirit of innovation and collaboration, a good physical and digital infrastructure and appropriate research and technology capability.
Details of the competitive process are available on Enterprise Ireland’s website www.enterprise-ireland.com/REDF.
The closing date for applications for Competitive Feasibility Funding is 3pm Friday 9th June 2017.
The closing date for the first call for Streams 1,2,3 and 4 is 3pm Friday 18th August 2017.
Notes for Editors
The Regional Action Plan for Jobs (RAPJ) initiative, 2015-2017, is working to promote regional job creation by bringing stakeholders in each of 8 regions together to deliver innovative and practical actions to boost job creation in the regions.
To complement the RAPJ process, Enterprise Ireland, with the support of DJEI, is launching a competitive Regional Enterprise Development Fund of up to €60million to grow and sustain jobs across the regions.
This competitive funding is aimed at accelerating economic recovery in every part of the country by delivering on the potential of local and regional strengths.
Funding of up to €60m will be available over a period of four years to 2020 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 USP capabilities to grow the regions. 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, county and community level.
The overarching aim of this Fund is to drive enterprise development and job creation in each region throughout Ireland. Projects must be impactful, with the principal impact being jobs.
A feasibility grant of up to €22,500 or 50% of eligible costs (whichever is the lesser) can be offered to help promoters develop projects for progression and consideration.
The Applicant will be not for profit entities that have already, or propose to, set up a distinct legal entity that comprise national/regional, county and local stakeholders, with a purpose of benefiting the wider needs of the community and region/nation as defined in the four streams outlined below.
Applicants can be promoted by private or public organisations, which for example might include:
- Higher Education Institutes
- Semi State Commercial bodies
- Local Enterprise Development Groups
- Local Authorities
Composition of Fund
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 e.g.
- Specialised Incubators,
- Hubs in Design; Med Devices; Fintech, Agri-tech; 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; e.g.
- 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 (min 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, e.g.
- 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 maximize the benefits of collaborative opportunities through industry clusters (both established and new).
Industry Clusters initiatives are defined as structures or organised groups of independent parties (at least five companies) 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 industry cluster.
For further information, please contact: