A new fund designed to help local businesses prosper has been launched this week by East Devon District Council.

The Innovation and Resilience Fund (IRF), formerly known as Adaptation, Innovation and Resilience Fund, has more than £2million available and is made up of £1.08million government funding and £1million match-funded by EDDC from its business rates retention scheme pilot.

This recovery focussed fund is designed to support innovative projects that:

• Support business diversification and the development of new and innovative products

• Enable carbon reductions and biodiversity enhancements

• Enable and safeguard high value jobs

• Offer inclusive opportunities to disadvantaged individuals

Applicants must propose a specific project that will transform their business and support the local economy, along with a projection of the amount of grant funding they need – up to £50,000 per business or up to £150,000 for a collaborative bid.

Cllr Paul Hayward, deputy leader of EDDC and Cabinet portfolio member for economy, said: "This fund is urgently needed by local businesses and entrepreneurs to help them thrive, to support East Devon's wider economic recovery from the COVID-19 pandemic and to assist our town centres across the district to bounce back and adapt in these still-difficult times. 

"The IRF is unlike any of the previous grant schemes the council have delivered previously.

"By helping businesses in our communities invest in transformational and innovative projects with clear social, economic and environmental benefits, we're promoting a more sustainable recovery and helping those businesses become more resilient to future changes. 

"I would urge all businesses in the East Devon area to take advantage of this unique opportunity and to consider how this funding might help your business, after the upheavals of the last 18 months.

"We look forward to receiving your applications and project ideas."

To apply, businesses must first complete an expression of interest (EOI) using an online form. The EOI will be evaluated by the council's economic development team.

Following a successful EOI, businesses must then develop a full bid application.

Help with developing the application is available at no cost from support agency Business Information Point on referral from the council.

Each application will be scored against policy objectives. Projects which propose match-funding will score more highly. 

Projects will also be prioritised if they:

• Are good value for money
• Mitigate against risks
• Commit to spend funding through local suppliers
• Are from 'priority groups' such as clean energy or sustainable transport for example

For more information and to apply, visit the council's website where you can read frequently asked questions on the scheme.