The third round of East Devon’s Innovation and Resilience Fund (IRF3) is due to go live for expressions of interest in April 2024.
Businesses can apply for between £3,000 and £30,000 to fund a transformational project which will lead to the creation of high value jobs or an increase in productivity. Applicants will need to match-fund at least 30% of the total project cost.
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
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.
Drop-in Sessions to discuss ideas
Businesses with an idea for a funding bid can come along to one of two drop-in sessions to discuss their idea with an EDDC officer in the Economic Development team:
Both sessions will be held at the East Devon Business Centre, Honiton, EX14 1SF.
