Financial Assistance Scheme & Business Support Scheme

New and existing companies often require financial support to see new ventures succeed. The Isle of Man recognises the difference this support can make to the health of its future economy and provides a range of grants. Another reason why e business has the freedom to flourish on the island.

Financial Assistance Scheme

The Department of Economic Development has for many years operated a Financial Assistance Scheme aimed at encouraging diversification of the economy. Grants are available to eligible businesses including technology and e business entities that can meet its commercial and environmental criteria.

The Financial Assistance Scheme is designed to encourage existing businesses to adopt new technologies and practices and help new businesses flourish on the Island. The scheme supports new and existing projects in conjunction with private sector partnerships and contacts.

• Up to 40% equipment grants, to include all hardware, software and maintenance contracts;
• Up to 40% building grants either for new build or for rents payable;
• Up to 40% revenue grants encompassing expenditure from research and development, relocation, consultancy, marketing and quality and environmental standards;
• the above incentives apply to existing and new ventures and can be applied for on an annual basis;
• the department's scheme can accommodate capital assets obtained on lease/hire purchase finance.

For further information please visit the Department of Economic Development's website.

The Business Support Scheme

The Business Support Scheme is designed to help businesses develop their business skills and management competencies.

This Scheme offers a grant of 50% towards the cost of projects in a wide range of business disciplines up to a maximum level of assistance of £4500 per project. The range of services on offer to businesses include expert consultancy to deliver complete business solutions, including hardware and software where appropriate, and strategic business development advice including mentorship. For further details visit the Department of Economic Development's website or contact the Business Support Scheme Manager, Michael Corkhill.