Small Business Start Up Scheme (SBSUS)
Do you have an exciting idea for a new business, but feel you lack the knowledge and experience to take the next step? If you are serious and committed to your business idea the DTI is here to support and guide you in making your dream a reality.
The Small Business Start up scheme has been running for over 12 years. In that time we have trained in excess of 1000 businesses and financially supported and advised over 390. If you meet our criteria and can convince us that your business idea is sound then we may be willing to invest in you!
Are you eligible
- Be resident on the Isle of Man for income tax purposes
- Be an “isle of man worker” or hold a valid work permit in respect of your intended business activity
- Be at least 18
- Control your business
- Be able to commit, full time, to the business working in excess of 30 hours a week on your business
- Ensure that you will comply with any legal requirements in operating your business
Unfortunately, we cannot support you if you;
- Are an undischarged bankrupt
- Have any outstanding debt judgments/executions
- Have income tax/ national insurance or vat arrears
- Have a criminal record where the nature of the offence may make it inappropriate for the dti to support you in your intended business activity
What the scheme can do for you
The scheme can offer you the potential of three levels of support;
Training
A five day training course to help you consider your business idea and how it will affect your life. You will also learn valuable skills to assist you in setting up and running your business.
Financial Assistance
- The Scheme offers a maximum of £1,500.00 towards materials and equipment. We will match every pound you invest in your business up to £1,500.
- A living allowance of £50 per week for up to 30 weeks
Please note that the grant and living allowance is offered on a discretionary basis.
Business Advisory Service
The business advisory service goes hand in hand with the financial assistance. All clients offered a grant will be partnered with a business advisor who will mentor them for the 18 months following contract signings through quarterly meetings and interim support.
How to apply
If you can meet all the criteria, and are interested in applying, please feel free to call the scheme administrator on 682396 for further information or, alternatively, you may download and complete the PDF file below and submit your form to the following address;
| Small Business Start-Up Scheme Administrator | |
|---|---|
| Address: | Economic Development Department of Trade and Industry Hamilton House Douglas Isle of Man |
| Post Code: | IMI 5EP |
| Telephone: | 01624 682396 |
| Fax: | 01624 687171 |
| Email Address: | sbsus@training.dti.gov.im |
DISCLAIMER
Acceptance onto the Small Business Start-Up Scheme does not mean that either the Department or the business advisors (who are independent contractors) consider your business a sound and viable proposition. Neither of these two parties can be held responsible if the business fails and will not meet any debts, etc. incurred.
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You will need Adobe Acrobat to download documents that are PDFs, this is available free by following this link:
