The Department for Enterprise announced at this year’s ISLEXPO that it will be increasing the financial assistance available via the Micro Business Grant Scheme, building on the success of the scheme in recent years.
The existing scheme provides up to £5,000 funding towards new start-ups in the Isle of Man and, from July 2018, this will be increasing to £6,000 and up to £15,000 for companies with an export focus.
In addition there will also be a new tier of support for all businesses contracted in the scheme creating additional employment, with up to £10,000 of further funding available.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘We have seen numbers of people looking to start their own business increasing in recent years, with events such as ISLEXPO opening up access to the different funding and support options available and inspiring more people to take the first steps into starting a business.
‘The Micro Business Grant Scheme has been hugely successful, with double the number of businesses going through the scheme now compared to four years ago We have even lowered the eligible age of applicants to 16 – giving opportunities to young people to pursue entrepreneurial pathways.
‘The theme of ISLEXPO 2016 was focussed on starting a business on the Island and in the two years since then the Department has actively supported over 150 businesses to start up – many of which are now celebrated household names here. The support includes mentoring and advice as well as financial assistance, and our success rate of businesses that use the scheme is really strong – on average 98% of businesses who receive funding are still operating 18 months later.
‘Being an Island of Enterprise and Opportunity is intrinsically linked to the support, advice, and funding we offer local people and businesses. This initial revision, in direct response to the huge success we have seen with this scheme based on the feedback received, is the first part of a wide ranging review of all the Department’s Enterprise Support schemes to ensure they are beneficial and effective schemes for our modern economy. The review will be completed by October 2018.’
The Micro Business Grant Scheme is designed to give start-ups the necessary financial support, training and business acumen to get their business off the ground.
The initial changes to the Micro Business Grant Scheme will come into place in July 2018. Further changes to the Micro Business Grant Scheme have been approved and will be announced later this year.
For more information, please visit www.gov.im/enterprise