Tynwald Approves New Enterprise Development Scheme
Cavendish Trust welcomes the recent approval of a new Enterprise Development Scheme as a very positive initiative by the Isle of Man Government to help further boost economic development on the Island.
The new £50Million Enterprise Development Scheme (EDS) was approved by Tynwald, the Isle of Man’s Parliament at its October 2015 sitting.
The scheme proposal was originally announced by Chief Minister Allan Bell at July’s Tynwald and will provide grant, loan and equity investment to eligible businesses 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 enterprises and those wishing to relocate to the Island.
There are three core support types that will be launched under the new scheme, namely:
The Fledgling Scheme will be made up of the Micro Business Grant Scheme and The Small Business Grant Scheme, both of which are designed to support individuals looking to set up their own business, or existing small businesses looking to expand. These schemes will be managed directly by the Department of Economic Development.
The Micro Business Grant Scheme replaces and enhances the existing Small Business Start Up Scheme, with the level of grant support increased to £5,000 and the age limit for applicants reduced to 16 which the Government hopes will encourage more local residents to set up their own business.
Additionally, a grant of up to £25,000 will be introduced for research and development costs that the Government believes will be particularly attractive to new start-ups and small businesses.
The Accelerator Scheme will support existing (and potentially new) businesses employing at least five people and entering their next phase of growth.
The Relocator Scheme aims to attract larger businesses seeking to relocate to the Isle of Man, or existing local businesses looking to scale up their export-led business or entering a commercialisation phase of an existing project.
Applications for funding under the ‘Accelerator’ and ‘Relocator’ schemes will be considered by experienced third party managers with expertise in managing such processes.
Following Tynwald’s approval, a tender process will make the necessary appointment of a suitable organisation from the private sector to be the scheme manager.
It is anticipated that the Enterprise Development Scheme will be launched by the end of January 2016.