The Innovation and Resilience Fund (Round 2) scheme allows businesses to apply for funding to deliver a specific project. This project is funded by the UK government through the UK Shared Prosperity Fund.
Applicants can apply for up to £20,000 per individual business. The minimum funding request is £2,500.
All applicants must commit to match-fund at least 50% of the total project cost. For example, if the total project cost is £30,000, the applicant can apply for up to £15,000 from the IRF2 scheme.
To be eligible to apply, applicants must:
- Be seeking capital funding for a specific 'transformational' project (see definition below)
- Be trading at the time of their application
- Primarily operate and trade within East Devon
- Not be in administration, insolvent or has been struck off the Companies House register
- Not have exceeded the permitted subsidy control threshold
Applicants must apply under one of the three funding pathways, with funding available for the following types of projects:
- Net Zero Innovation: allow a business to develop a new product, service or technology with a strong net zero focus
- Rural Innovation: allow a rural business (anywhere in East Devon excluding Exmouth) to grow by significantly increasing productivity or by developing a new product, service or technology
- Farm Diversification: allow a farm business to diversify by developing a new product, service or technology not related to agriculture
Applicants cannot use the funding to cover salaries or lost income, to cover normal operational costs such as rent, utility bills, etc or to cover the cost of any goods or services already purchased.
All IRF2 projects must have a transformational impact on the business. A project is considered to be transformational if it can achieve either of the following:
- The creation of new jobs or safeguarding of existing jobs under threat
- The adoption of new technologies or processes to increase productivity
Businesses applying under the Net Zero Innovation pathway are able to submit a collaborative bid with an education provider or other public sector organisation.
Further information regarding collaborative bids can be found in the Policy.
How to apply
The expression of interest stage has now closed for new applications.
Applicants which were successful at the EoI will be invited to submit a full bid application, after which a decision will be made on whether to award funding.
The deadline for submitting an expression of interest was 26 May 2023 for the Net Zero Innovation pathway and 19 May 2023 for the other two pathways.
The deadline for submitting a full bid application is 9 June 2023 for all pathways.