Balanced regional enterprise development is a priority for Government and my Department, as set out in the Programme for Government and the White Paper on Enterprise 2022-2030. My Department has allocated more than €150 million since 2017 to support regional enterprise development initiatives, including enterprise centres and hubs, via Enterprise Ireland schemes such as the Regional Enterprise Development Fund (REDF) and the Border Enterprise Development Fund (BEDF).
The Smart Regions Enterprise Innovation Scheme, co-funded through the European Regional Development Fund (ERDF) and administered by Enterprise Ireland, is currently open for applications. The scheme consists of four streams, supporting the development of key local enterprise infrastructure, such as enterprise hubs, clusters and consortia, programmes that help SMEs foster innovation, and feasibility and priming grants.
Funding allocated to the Smart Regions Enterprise Innovation Scheme, is a matter for the Managing Authorities who have responsibility for ERDF funds in their respective regions, including the Smart Regions Enterprise Innovation Scheme.
It is important to note, however, that where the Managing Authorities adjust allocations to specific schemes, this does not reduce the overall funding available. Where the Managing Authorities consider this to be of overall benefit to their regions, funding may be allocated to other ERDF schemes. This process allows the Managing Authorities to be agile in their approach and to maximise the benefit derived from their funding allocations. The Smart Regions funding allocation changes are reflective of this process.
It is intended that Smart Regions will continue until the funding currently allocated under the scheme has been awarded in full, amounting to approximately €30.6m, during the lifetime of the scheme.
Smart Regions is a medium-term scheme, and the fund is currently on track within the scheme’s timeline, which is governed under ERDF rules. The ability of Enterprise Ireland to award funding to projects under the scheme depends on sufficient levels of applications being generated by regional actors, and Enterprise Ireland are confident they will allocate the remaining balance of the fund.
Potential applicants have been working with EI to respond to the conditions contained within the scheme, which are necessarily dictated by ERDF and State Aid rules, to ensure that Ireland maintains full compliance with EU regulations.
