The Manager of the £50million Enterprise Development Scheme (EDS) has been appointed by the Department of Economic Development.
SPARK Impact has been selected, subject to the necessary regulatory and contractual confirmation, to run the Accelerator and Relocator elements of the £50million Enterprise Development Scheme approved by Tynwald in October 2015.
The EDS will provide grant, loan and equity investment to eligible businesses that are creating jobs on the Island. This support will be available to a wide range of businesses including new Isle of Man start-ups, existing expanding Isle of Man businesses and businesses wishing to relocate to the Island.
Laurence Skelly MHK, Minister for the Department of Economic Development, commented:
‘The Enterprise Development Scheme is a vital part of our strategy for nurturing local talent and creating more jobs for Isle of Man workers. The Scheme covers three key areas of business growth offering the opportunity for people to start, grow and relocate their business to the Isle of Man and further grow our Island’s economy.
‘I am delighted that SPARK Impact will take forward the Accelerator and Relocator elements of the scheme. We already have a number of proposals in the pipeline and should begin to see real developments over the summer months. I would also like to thank all other bidders for some excellent submissions.’
Andy Round, Investment Director at SPARK Impact, commented:
‘We are looking forward to working with the Department of Economic Development and the wider Isle of Man business community to make sure the Scheme is a great success. Our extensive experience in early-stage investment and venture capital will ensure the EDS Accelerator and Relocator elements work effectively for investment on the Isle of Man.’
For more information on the Enterprise Development Scheme please visit whereyoucan.com/EDS
