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 for Enterprise 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 training, funding and mentoring to get their business off the ground.
IMPORTANT NOTE: FROM 1 JANUARY 2020 THE MINIMUM TURNOVER REQUIREMENT INCREASED FROM £5,000 TO £15,000
What the scheme can do for you
The Scheme offers 3 levels of support:
The Scheme also includes an extensive business training course. Training helps applicants consider their business idea, determine the viability of the business and develop their business plan. Offered over approximately 16 hours, attendees can chose from a range of training options including mornings, weekends or twilight sessions. All training courses are split into 2 parts with both group and one-to-one tutorials, delivered by the University College Isle of Man.
The training course includes a range of topics and business activities including cash flow forecasting, tax and VAT issues, marketing research and planning, legal requirements, customer relations, premises, and employee management. The course is supported by a range of specialists, including chartered accountants, marketers and lawyers.
The training course timetable is now available to download.
- Funding of up to £6,000 under the Scheme
- Enhanced rate of up to £15,000 for exporting businesses and child care providers and nurseries
- This can be offered as grant support, a living allowance, or a combination of the two
- The living allowance is available at £100 per week for a maximum of 60 weeks i.e. £6,000
- Grant support is offered on a 50/50 matched basis and is not retrospective on purchases made before the application form is submitted
- In addition, an applicant to the Scheme whose business generates additional employment (other than the owners) will be eligible to apply for a further grant of up to £10,000
- Example 1 – In cases where the living allowance of £3000 at 30 weeks of £100 is claimed, the grant available is reduced to £3,000
- Example 2 – An applicant may choose to utilise the full £6,000 in grant support towards equipment and other eligible expenditure etc. and would therefore be ineligible to claim a living allowance
The business mentoring service goes hand in hand with the funding element of the Scheme. All clients offered a grant will be partnered with a business advisor who will mentor them over a 12, 18 or 24 month period following contract signings through quarterly meetings and interim support.
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
- Ensure that you will comply with any legal requirements in operating your business
- Have a turnover between £15,000 and £100,000
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
James Quinn, owner of Opti-Fi took advantage of the Micro Business Grant Scheme. Hear what James had to say about the Scheme.
Grant assistance cannot be considered retrospectively for items of expenditure which have already been purchased.
Provision of financial assistance is discretionary and the decision to provide assistance in any particular case will be based on the merits of the case. There is no guarantee that the full £6,000 (or £15,000 for exporting businesses and childcare providers) will be granted to the applicant.
Department for Enterprise
St George's Court
Upper Church Street
Isle of Man