The Department of Economic Development has announced that its Small Business Start Up Scheme (SBSUS) has recently taken on its 1000th client.
The 1000th client was Nicola Kinley, who plans to take advantage of the Scheme to open a nursery school in Port Erin employing two staff.
The scheme was initiated in 1996 with a total of only 20 clients in its first year, this has now grown to over 20 clients per month. The main purpose of the scheme is to help foster local enterprise and to assist in the creation and growth of viable, high quality businesses operating in any business sector. Past clients have gone on to run a variety of successful businesses across a broad range of sectors and industries including electrical contracting, plumbing, hairdressing, retail, catering and aircraft surveying. A record number of 69 small businesses were set up over the past year.
The scheme comprises of three elements:
- A Business Advisory Service provided by experienced local business people - Helen Cowley, James Crook, Carol Gates, Dennis Rogers and Andrew Simpson;
- Financial Assistance; and
- Training
The training service is provided by the Department of Education and Children with the courses held at the Isle of Man College of Further and Higher Education (formerly the International Business School) and delivered by local businessman Ian Moncrief-Scott.
Economic Development Department Member, Laurence Skelly MHK commented:
'I am delighted that Nicola‘s participation on the Scheme has created this milestone figure. The Small Business Start Up Scheme has been a great success story over the past 16 years and credit must go to all those who have participated over the years and to Ian Moncrief-Scott.'
He continued:
'I believe that the Small Business Start Up Scheme is very much the grass roots of our local economy. Its success can be demonstrated by the fact that over 95% of businesses who undertake the course, and receive mentorship and advisory support, are still in business eighteen months later. With a total of twenty clients in the first year, we now have that number each month, which is testament to the excellence of the Scheme and the entrepreneurial nature of the Manx people.'
