Financial Assistance Scheme

The Department of Trade and Industry has for many years operated a Financial Assistance Scheme aimed at encouraging diversification of the economy. This Scheme provides a range of grants and soft loan support to eligible businesses that can meet the commercial and environmental criteria laid down.

The Financial Assistance Scheme is seen as a key tool to encourage existing businesses to adopt new technologies and practices and for new businesses to develop on the Island. The opportunity exists not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts.

The DTI's Financial Assistance Scheme can offer a generous package of support to qualifying businesses:

* Up to 40% equipment grants, to include all hardware and software;

* Up to 40% building grants either for new build or for rents payable;

* Up to 40% revenue grants encompassing expenditure from research and development, relocation, consultancy, marketing and quality and environmental standards

* All capital grants are ignored for the purposes of calculating capital allowances, a 100% capital allowance combined with maximum capital grant support can give an effective rate of support of 50% of the costs of the capital assets;

* The department has the ability to act as a guarantor of loans and leases in exceptional circumstances;

* The above incentives apply to existing and new ventures and can be applied for on an annual basis;

* The department's scheme can accommodate capital assets obtained on lease/hire purchase finance.

The Department also manages the Economic Development Fund. The basic qualification criterion for this fund is that the project is not eligible under any other Government assistance scheme. This means that projects which are excluded from the Financial Assistance Scheme due to Departmental policy would be able to apply to the Economic Development Fund if the project was a new area of business for the entity. This Fund means that business proposals which may benefit the Isle of Man but which fall outside of other Government schemes can be supported if appropriate.

Eligibility

The DTI may provide assistance to an eligible business where, in its opinion, the eligible business undertakes, or will undertake, an economic activity in the Island; the assistance is likely to encourage sustainable economic growth in the Island; and the form and amount of the assistance is reasonable having regard to all the circumstances. Please refer to the Financial Assistance Scheme Guidelines below for further information.

Contact DTI

For further infomation on all aspects of the Financial Assistance Scheme, please click on the 'Financial Assistance Scheme Guidelines pdf.' below, which provides you with all the relevant information.

Alternatively, contact Dave Kelly, Development Executive, on +44 (0)1624 687177 or by email