A consultation into the Government’s proposed £50million Enterprise Development Fund (EDF) was announced in the Chief Minister’s update to Tynwald this evening on ‘Agenda for Change.’
The £50million fund, which will eventually be self-sustaining, will provide grant, loan and equity investment to new Isle of Man start-ups, existing expanding Isle of Man businesses and businesses wishing to relocate to the Island.
Minister for Economic Development Laurence Skelly MHK said:
‘The intention of the proposed Enterprise Development Fund is to create lasting new jobs in Isle of Man-based companies and to future-proof our economic base. This is a key element of delivering ‘Enterprise Isle’, which was highlighted in Government’s Vision2020 strategy.
‘The level of jobs growth and the evolution in our economy demonstrated in Vision2020 is happening as predicted and nearly 400 additional new jobs were created in the Isle of Man last year. But if we are to maintain the level of public services we expect then it is imperative that we increase the growth in our economy by increasing the numbers in our working population.
‘I would also like to acknowledge the support and co-operation that the private sector has provided to us in developing and delivering Vision2020, in particular the Isle of Man Chamber of Commerce. May I encourage everyone and particularly local businesses to review and respond to the consultation, either directly or through their relevant industry body.’
There are three core support types proposed in the new scheme:
Fledgling: For start-ups on-Island (typically with 1-10 employees) – this element will be managed by the Department of Economic Development and is proposed to eventually replace the current Small Business Start-Up Scheme.
Accelerator: For Small to Medium Enterprises (typically with 5-20+ employees) entering the next growth phase – this element will be managed by a professional third party fund manager.
Relocator: For relocating medium to large firms to the Island - this element will be managed by a professional third party fund manager.
An Expression of Interest will be published shortly by Treasury seeking the appointment by competitive tender of private investment managers for the management and investment of the fund, in particular the ‘Accelerator’ and ‘Relocators.’
Full details of the proposed scheme can be found in the consultation paper which is open to all interested businesses and individuals and can be found online at www.gov.im/consultations.gov under ‘Current Consultations from 9.00am on Wednesday 23 July 2015.
The consultation closes at 12 noon on Thursday 3 September 2015.
