Financial Assistance Scheme
Travel Agency Businesses
The Department recognises that the Coronavirus is having a significant negative affect on many businesses but in particular on Travel Agents and related businesses. As a result the Scheme has been extended to offer financial assistance of up to 100% of the demonstrated short term (i.e. 12 months) forecasted cash flow requirement of eligible businesses. Only one application per business will usually be allowed and any financial support made available may be provided in tranches in line with the forecast cash flow needs. Treasury concurrence is needed for applications where the support to be offered exceeds £100,000. To apply for this, please use the FAS application form for Travel Agency Businesses.
Further details including eligibility requirements can be found in Appendix 10 of the FAS Guidelines.
Coronavirus Business Adaptation Scheme (CBAS)
The Department recognises that the Coronavirus is having a significant negative affect on many businesses. The impact is around staffing, continuity of supplies, decreases in footfall, loss of orders etc. In an endeavour to counter these affects and increase business some businesses may wish to consider innovating and diversifying their business model in order to seek new avenues of business and/or provide products and services in a new way.
The Scheme offers financial assistance of up to 50% to eligible businesses. Only one application per business will usually be allowed. Treasury concurrence is needed for applications where the support to be offered exceeds £100,000. Find out more about this scheme, and to apply.
The Department for Enterprise’s Financial Assistance Scheme ('FAS') aims to encourage diversification of the local economy. The FAS provides a range of grants and soft loan support to eligible businesses that can meet the commercial and environmental criteria laid down.
The FAS is 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.
- Up to 40% of costs of new buildings, building improvements, new plant and machinery, including hardware and software.
- Up to 40% of non-recurring costs associated with the establishment of a project (eg. special first year expenses and excluding statutory changes)
- Up to 40% of the costs of specific new marketing ventures
- Up to 40% of the costs of implementing quality standards, energy conservation etc
- Up to 40% of training costs directly associated with purchased plant and equipment
- Up to 40% of the cost of renting a factory from a private developer for the initial period of a new project. For finance and professional services, ICT, creative and e-business where 80% of turnover is off-Island, rent support of up to 100% is available for 12 months where accommodation is situated in a regeneration area excluding Douglas.
Training grants are considered but must relate to a project with which financial assistance is being given.
The above incentives apply to existing and new ventures and can be applied for on an annual basis. To read about the Digital Creation Financial Assistance Guidelines and to learn whether your business is eligible, click here. Applicants should make clear to the Department for Enterprise the likely frequency and nature of potential future applications to help assess the appropriate level of support.
The Scheme is also designed to encourage job growth and the import of skills from outside of the Isle of Man in certain sectors, where businesses have been unable to recruit locally. The Employee Relocation Incentive (ERI) provides a 20% grant of up to £10,000 towards the cost of a relocating employee’s first year net salary (minimum salary must be £25,000) paid 1 year in arrears. Eligible sectors include:
Financial and Professional Services
- fund Management
- management of ships, yachts and/or aircraft
- legal and accounting
- other financial services
- quantity surveyors and architects only
- import substitution
- information and communication technology (ICT)
Tourism and Hospitality
- head housekeepers
Learn more about the Employee Relocation Incentive on the Department for Enterprise website.
Department for Enterprise
St George's Court
Upper Church Street
Isle of Man