Business Development Scheme
A total of £50 million will be available over a 5 year period to invest in businesses that seek to create jobs on the island. Funding includes grants, loans and equity. SPARK Impact have been appointed as fund managers of the scheme.
The Enterprise Development Scheme (EDS) provides grant, loan and equity investment to new start-ups, existing expanding businesses and businesses wishing to relocate to the Island. There are three core support areas:
- Starting your business - For on-Island start-ups seeking financial support and guidance on making their new business idea a reality. For more details see Micro Business Grant Scheme or Small Business Grant Scheme
- Expanding your business - Providing loan and equity support for existing small to medium enterprises entering the next growth phase. For more details see Loan and Equity
- Relocating your business - For relocating medium to large firms to the Island that are already at the commercial stage of their development. For more details see Loan and Equity
The aim of all its schemes is to encourage the growth and diversification of the economy through the development of existing businesses and the pursuit of new opportunities.
The scheme aims to encourage diversification of the local economy by providing a range of grants and soft loan support to eligible businesses.
The Department for Enterprise 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.
Only one grant may be applied for per project and only one application per 12 month period will be permitted.
Grant assistance cannot be considered retrospectively for items of expenditure which have already been purchased.
For further details and scheme guidelines please view our Financial Assistance Scheme.
Guidelines to the Financial Assistance Scheme can be downloaded.