We have organised two in-person drop-in sessions for East Devon businesses to discuss their IRF3 funding ideas with officers. Sign up to the morning or afternoon session on Thursday 21 March at the East Devon Business Centre, Honiton.
The Innovation and Resilience Fund (Round 3) is currently due to launch in April 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.
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.
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
A full list of eligibility criteria and guidance can be found in the IRF3 Policy.
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 stage will open for new applications in April 2024.
Applicants which are 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.
Funding will be awarded to successful applicants from June 2024.