Net Zero Innovation Fund Suffolk – Now moving to closed due to huge uptake of applications.
If you are an innovative business in Suffolk with a concept ready to move to marketability with potential to take advantage of this funding, it could still be worthwhile contacting peter.frost2@suffolk.gov.uk to register your interest to be informed should the grant be reopened.
A selection of businesses who have successfully utilised this support can be seen on the case studies page HERE
The Net Zero Innovation Fund Suffolk (NZIFS) was designed to support Suffolk Small and Medium Enterprises (SME’s) by increasing productivity and encouraging economic growth. The scheme, which offered businesses a R&D grant, was funded by Suffolk Public Sector Leaders via all District Councils in Suffolk. Grants assisted start up costs towards projects that used innovation to enable an idea that could be scaled to make a real difference in the journey to a more sustainable future.
The aim of the scheme was to support businesses who want to innovate, reduce their carbon footprint and stimulate the local economy.
To be eligible for a grant, businesses had to meet the following criteria:
- The business must be based in Suffolk
- The grant cannot fund projects retrospectively, or works already in progress
- The business must agree to the match funding requirements. Businesses must provide evidence, upon request, that they can produce the required results
- The grant will cover a maximum of total project costs, up to the maximum value of the grant. The grant will be paid in arrears, on proof of payment and the production of any relevant invoices
- The business cannot be in administration, insolvent or in a situation where a strike-off has been made
Under the scheme, there were five specific aims:
- The concept must facilitate Net Zero
- The concept must be original
- It must produce presentable data
- It must be able to be scaled to increase it’s effects
- Fund results must be deliverable in financial year 2025/2026
Businesses could use the grant funding to move their idea from concept to practical application to deliver improvements and change that enabled the following outcomes:
- Improve environmental outcomes and carbon efficiencies
- Enable the growth of innovation
- Create and retain commercial intellectual property
- Access professional advice and training
- Create and sustain jobs. Please note the fund will not cover recurring revenue costs including salaries, payment of apprenticeship qualifications, or equipment deemed as a basic requirement for new starters or existing members of staff to do their job e.g., laptops, mobile phones, telephony equipment, office furniture etc.
- Encourage the development of technology based business solutions
- Improve disabled access
- React and be resilient to changing business landscapes
Businesses must be able to demonstrate how their project meets the criteria of their chosen scheme.
Subsidy Control
Grant funding provided by the programme is public money, it is therefore bound by the Government’s UK Subsidy Control rules.
Funding under the Net Zero Innovation Fund scheme was awarded as Minimal Financial Assistance (MFA). MFA allows public funding, up to a financial threshold of £315,000 to be awarded to an enterprise within an applicable period of up to 3 financial years. This means that no enterprise can receive more than this amount in the applicable period.
Minimal Financial Assistance can be provided in a number of different ways, including:
- A grant
- A loan
- A guarantee
- A free or subsidised service
- Rates relief from local authorities
If an application was successful, the business was to be notified that the grant was to be made as MFA. Before that could be done the applicant needed to confirm that the receipt of the grant would not lead to exceeding the £315,000 threshold.
The NZIFS was extrememly successful and may be reopened in the future should funding become available.