With a total of £50 million available – over a 5 year period – to invest in businesses that seek to create jobs on the island, the Enterprise Development Scheme is an enticing proposition.

But what does it all mean?

We took a closer look and it turns out the approach is threefold….

Micro Business Grant Scheme

The Micro Business Grant Scheme has been designed to give budding entrepreneurs and small start-ups the necessary financial support, training and business acumen to get their business off the ground.

Potential support: Maximum grant up to £25,000

The scheme offers 3 levels of support including training, financial assistance and a business advisory service and the full criteria can be found here.

Accelerator Scheme

The Accelerator Scheme provides small grants and loan and equity support for existing small to medium enterprises entering the next growth phase.

Potential support: Maximum grant up to £25,000 / Maximum loan up to £100,000 / Maximum equity investment up to £250,00

The scheme is available to existing locally based businesses in export driven economic sectors ideally with 5+ employees and the full criteria can be found here.

Relocator Scheme

The Relocator Scheme is available to those medium to large firms looking to relocate to the Island and are already at the commercial stage of their development.

Potential support: Maximum loan up to £1million / Maximum equity investment up to £1million

Designed to encourage industry leaders and entrepreneurs to scale up on-Island businesses, establish new businesses or relocate existing businesses to the Isle of Man, equity or similar funding for investment is available to help enable this expansion. The full criteria can be found here.

So, whether you’re at the start of something special and wish to make your new business idea a reality or you are looking to push your business onto the next level, the Isle of Man’s Enterprise Development Scheme is readily available to help.

What are you waiting for?

Please contact us on +44 (0) 1624 648500 or at ask@middletonkatz.com for further details and any assistance in putting an application together. 

©2020 Middleton Katz Chartered Secretaries LLC is licensed by the Isle of Man Financial Services Authority

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