Industry & Business

The Government has announced the results of the third call of the Regional Enterprise Development Fund (REDF), an open national competitive call to support regional projects that drive sustainable job creation in the regions. 26 successful applicants representing all regions of the country have been approved for funding of over €40 million for their collaborative projects and the announcement brings the total amount awarded under the Fund to almost €100 million to date.

The fund is an initiative of the Government under Project Ireland 2040 and it aligns with the Future Jobs Ireland framework. It is administered for the Government by Enterprise Ireland.

Minister for Business, Enterprise and Innovation Heather Humphreys TD said: “The Irish economy has had a remarkable turnaround in recent years but we cannot rest on our laurels. Although we have made a lot of progress with six out of 10 jobs created outside Dublin since 2016, some parts of the country are not recovering as quickly as others.

“The Regional Enterprise Development Fund is about supporting every region to build on its unique strengths and ultimately create sustainable jobs. Collaboration is at its core – among the public and private sectors, within and across regions.

“The projects we are funding today are at the cutting edge of innovation. I am confident that they have the potential to make a real and lasting impact on enterprise development at both regional and national level.”

The REDF was introduced in 2017, 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 in order to help sustain and add to employment at county, regional and national level.

Minister Humphreys also welcomed the IDA annual results, specifically with regard to developments in the regions. The results show that we now have FDI jobs located outside Dublin than ever before. 110 investments were won for regions in 2019. Overall, 33,118 net jobs have been created in the regions since the start of the IDA’s five-year strategy in 2014. Figures show that the Mid West, Mid East and South East exceeded targets, and investments in the Border region increased threefold during the five-year period.

The positive news follows the announcement yesterday that two-thirds of the almost 17,000 new jobs created by Enterprise Ireland-supported companies in 2019 are outside Dublin, with 65% of total employment in the regions. The companies involved also make a significant contribution to the local economy by sourcing over two-thirds of their materials and services from other Irish firms.

The Minister continued: “This strong regional performance is important because we cannot reach our full potential as a country without successful regions. That’s why I have prioritised supporting regional enterprise as Minister through initiatives like the Regional Enterprise Development Fund. The Fund is making a real difference on the ground, so I look forward to seeing these 26 exciting projects translate into jobs and prosperity.”

Under the third call of the REDF, applications were invited to submit proposals under three Streams:

* Strategic Change Projects – grant funding of €500k up to €5m;

* Regional Strengthening Projects – grant funding of €100k up to €500k; and

* Enterprise Clustering Projects – grant funding of €50k up to €350k.

The successful projects were selected through a rigorous multi-stage evaluation process managed by Enterprise Ireland, based on criteria which included: impacts and value for money; collaboration and participation; viability and sustainability; building regional strengths; and significance for innovation.

Julie Sinnamon, CEO of Enterprise Ireland, said “The Regional Enterprise Development Fund (REDF) is a key mechanism to support balanced regional development and an effective enterprise ecosystem. The fund plays an important role in building greater innovation capabilities in businesses across the regions. It also enhances collaboration between companies and key players in the regional enterprise ecosystem.  I look forward to seeing the 26 successful projects announced today being brought to fruition.”

CAPTION:

Minister Heather Humphreys pictured with Enterprise Ireland Chairperson, Terence O’Rourke and Regional Manager at Enterprise Ireland, Mark Christal.

The 26 projects approved and announced are as follows:

Note: DAC – Designated Activity Company