Micro Business Grant Scheme
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 Department of Economic Development is here to support and guide you in making your dream a reality.
The Micro Business Grant Scheme has been designed to give budding entrepreneurs and small start-ups the necessary financial support, training and business acumen to get their business off the ground.
Are you eligible?
- Resident on the Isle of Man for income tax purposes
- An Isle of Man worker or hold a valid work permit in respect of your intended business activity
- At least 16 year of age
- Control your business
- 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
- Have a turnover of up to £50,000
- A business with no more than 2 employees including the owners
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 Department to support you in your intended business activity
Grant assistance cannot be considered retrospectively for items of expenditure which have already been purchased.
What the scheme can do for you
The scheme offers 3 levels of support:
A 5 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 is capped at £5,000 under the scheme.
- This can be offered as grant support, a living allowance, or a combination of the two.
- The living allowance is available at £80 per week for a maximum of 30 weeks i.e. £2,400.
- Grant support is offered on a 50/50 matched basis and is not retrospective on purchases made before the application form is submitted.
- Example 1 – In cases where the full living allowance of £2,400 is claimed, the grant available is reduced to £2,600
- Example 2 – An applicant may choose to utilise the full £5,000 in grant support towards equipment and other eligible expenditure etc and would therefore be ineligible to claim a living allowance.
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.
Department of Economic Development
St George's Court
Upper Church Street
Isle of Man
+44 1624 687333
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 2 parties can be held responsible if the business fails and will not meet any debts, etc. incurred.