€40m announced for 26 Projects to drive job creation in the regions

€40m announced for 26 Projects to drive job creation in the regions

Minister for Business, Enterprise and Innovation, Heather Humphreys today 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.

The Minister made the announcement as she officiated at the annual results for IDA Ireland for 2019, which showed strong job creation in the regions.

Twenty six successful applicants representing all regions of the country have been approved for funding of over €40 million for their collaborative projects and today’s 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.

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
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.

Launching the initiative, Minister Humphreys said, "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."

Source: www.businessworld.ie