Innovation and Resilience Fund – for businesses in East Devon - PKF Francis Clark
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Innovation and Resilience Fund – for businesses in East Devon

Preparing materials for our forthcoming “Funding for SMEs” seminars (see below) I came across the Innovation and Resilience Fund which I thought may be of interest to my colleagues and our clients based in East Devon.

See below for deadline date for Expressions of Interest.

Innovation and Resilience Fund (“IRF”) – key elements

I have sought to tabulate the key criteria of the scheme below taking details from link.

Eligible applicants To be eligible to apply, applicants must:

  • Have been trading before 1 January 2021
  • 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
Eligible projects Funding can be used, but are not limited to, the following purchases:

  • Equipment that will allow the business to diversify or create a new innovative product
  • Specialist training to allow the business to expand into new markets
  • Equipment that will enable the business to expand and create new higher paid jobs
  • Technologies that will allow the business to become carbon neutral or negative
Ineligible costs 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.
Council objectives When reviewing applications, the IRF appraisal team will consider whether a project will achieve at least one of the following:

  • Employment: promote new higher wage employment or safeguard existing high value employment under threat
  • Diversify: allow the business to diversify, develop a new product or innovation, enter new markets or adapt to new market conditions or working practises
  • Green: enable significant carbon reductions, energy efficiencies or promote biodiversity
  • Inclusive: provides sustainable opportunities to low-income/disadvantaged individuals, local graduates or helps to alleviate poverty
Grant funding Applicants can apply for:

  • Up to £50,000 per individual business or organisation
  • Up to £150,000 per collaborative bid (multiple businesses and organisations)

Requests above these amounts will be considered where applicants can demonstrate that their proposed project will lead to exceptional positive benefits for the local economy.

The minimum funding request is £2,500.

Deadline The IRF will close to new expressions of interest either on 18 February 2022 or when the total scheme allocation of £2,044,070 has been consumed, whichever is soonest.

Innovation and Resilience Fund (“IRF”) – more information

More information on the scheme is on webpage including links to FAQs and Policy document for the scheme.

PKF Francis Clark

As I indicated at the top of this blog, I have been assisting in preparing materials for our forthcoming “Funding for SMEs” webinars.  One of these materials will be a “Finance in the Heart of the South West factsheet” which seeks to summarise the grants, debt and equity funding options potentially available to SMEs in the region.

I suspect that this will be available in due course through our website but to guarantee to get a copy register for the webinar via link.at the foot of my colleague’s blog.

By George Chamberlain, Senior in our Exeter office.

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