The Innovation and Resilience Fund (Round 3) is now open for Expressions of Interest. All full bid applications must be in by the 24th of May 2024. Sign up to our newsletter to be kept up to date on this fund. 

The IRF3 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.

Funding amounts

Applicants can apply for up to £30,000 per individual business. The minimum funding request is £3,000.

All applicants must commit to match-fund at least 30% of the total project cost. For example, if the total project cost is £20,000, the applicant can apply for up to £14,000 from the IRF3 scheme.

Eligible applicants

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 delivering a project to be located in the urban areas of Exmouth.
  • Not be in administration, insolvent or has been struck off the Companies House register
  • Not have exceeded the permitted subsidy control threshold

Applicants who were successful in either IRF1 or IRF2 are eligible to apply for IRF3, however preference may be given to those who have not previously received funding. A full list of eligibility criteria and guidance can be found in the IRF3 Policy. 

Transformational projects

All IRF3 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, high value employment. 
  • The adoption of new technologies or processes to increase productivity. 

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.

How to apply

The Expression of Interest (EoI) stage is now open for applications. The EoI is an online form which can be found on our apply page. Applicants have until the 8th of May to submit an EoI.

Applicants who are successful at the EoI stage will be invited to submit a full bid application. The deadline for full bids will be the 24th May 2024 at 4pm, after which a decision will be made on whether to award funding.

Funding will be awarded to successful applicants from June 2024. 


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