Minister Heather Humphreys announces €45m funding boost for regional business development.
Published: 26th June 2019
Three streams of funding are available under the Government’s latest call for regional development initiatives. The Irish Government today (24 June) announced a further €45m in funding for regional business development. This third call under the Regional Enterprise Development Fund (REDF) invites applicants under three possible streams with varying investment levels.
Funding of up to €5m per project is available for Strategic Change Projects, which are classed as major collaborative initiatives that can have a high impact on regional development.
Successful Regional Strengthening Projects can receive up to €500,000 per project. Projects under this stream will address identified gaps in the enterprise ecosystem with a local, community-based or regional initiative.
Finally, there’s up to €350,000 per project available to Enterprise Clustering Projects, which should support the further growth of established industry clusters regionally, by sector and nationally.
A Feasibility Fund of up to €15,000 per eligible project was also launched to support the development of these projects, particularly the high-calibre applications encouraged for Strategic Change and Regional Strengthening Projects.
The call for applications is open now until 25 September 2019, and awardees can expect to be notified before the end of the year.
Powering the Regions
The announcement was made at the recently opened Cavan Digital Hub, a development the REDF supported. Along with the funding call, Enterprise Ireland also published its regional plan for growth, titled ‘Powering the Regions’.
This publication pulls together nine Regional Enterprise Plans under an overarching national plan. The ultimate goals are to grow and sustain jobs, and to expand the reach of the Enterprise Ireland client base in every county in Ireland.
Six new national initiatives are proposed to drive new entrepreneurship, develop urban centres of growth, support the expansion of scaling companies into the regions and attract foreign direct investment in the food sector.