The Isle of Man has earned a global reputation for its pioneering spirit and history of innovation, priding itself on a supportive entrepreneurial ecosystem that encourages discovery in our education, skills training, and businesses.

Offering many advantages for businesses looking to relocate or establish operations, the Island enables them to thrive and become profitable in a diverse economy.

The Department for Enterprise offers a range of support schemes to support starting, growing and developing businesses on the Isle of Man. Whether you are an individual looking to take your first steps into self-employment; a business requiring funding to scale-up and grow; or an established organisation looking to invest and improve in a particular area, the Department has a number of opportunities for creating and developing a business on the Isle of Man.

An outline of each scheme can be found below.

Business Energy Saving Scheme

The scheme has been designed to provide unsecured interest-free loans to businesses seeking to make their operations energy efficient.

Interest free loan of 100% over 5 years towards the cost of a project that improves energy efficiency up to a maximum of £20,000.

Eligibility: All business sectors where projects will increase energy efficiency. Applicant must be a business undertaking economic activity in the Isle of Man. The business must also employ at least one person other than the owner.

Find out more and make an application here.

Business Improvement Scheme

The scheme is designed to help businesses engage external consultants to undertake projects such as website development, marketing and environmental efficiency.

Matched funding available to a maximum of £5,000.

Eligibility: Existing and new businesses in all sectors. 

Find out more and make an application here.

Coronavirus Loan Agreements

The Isle of Man Disruption Loan Guarantee Agreement and the Coronavirus Business Working Capital Loan Agreement are COVID-19 financial support initiatives launched by Isle of Man Government. 

HSBC, Lloyds, Barclays, Conister Bank and RBSI (including Natwest and the Isle of Man Bank) will be supporting up to £60million of new lending, 80% of which will be underwritten by the Isle of Man Government.

Eligibility: For Isle of Man registered businesses with a turnover of up to £10 million, that have been financially affected by COVID-19.

Find out more and make an application here.

 

Domestic Event Fund

Designed for local authorities and businesses in the towns and villages across the Island, the events fund will support up to a maximum of 80% of the total costs associated with the development of domestic focused events.

Eligibility: The event must be able to stimulate direct economic activity to benefit local businesses.

Find out more and make an application here.

 

Douglas Promenade Support Scheme

This scheme provides loan support to viable, sustainable and eligible retail and hospitality businesses (excluding visitor accommodation) on Douglas Promenade which have been financially affected by the Refurbishment Scheme.

Eligibility: The business must be located within the designated zone map and have been in operation in the support area on or before the 26th November 2018 and thereafter.

Find out more and make an application here.

 

Enterprise Development Scheme

The main purpose of the scheme is to grow the Isle of Man economy and create jobs on the Island by providing funding for businesses entering or in their commercial phases.

The scheme provides both secured and unsecured loans (minimum value of £10,000 and a maximum value of £1 million) to eligible businesses. Total Government investment will be up to 40% of the required funds for each project. 

Eligibility: Applicants can be from a range of sectors including biomed, life science, clean tech, digital and creative, e-Business, financial and professional services, manufacturing and ship and aircraft management. Some or all of the persons employed by the business are or will be Isle of Man staff. The principal activities in respect of which financial assistance is sought will take place in the Isle of Man.

Find out more and make an application here.

Employee Relocation Incentive

The Employee Relocation Incentive (ERI) provides a 20% grant of up to £10,000 towards the cost of relocating an employee to the Isle of Man.

The Scheme is designed to encourage job growth and the import of skills from outside of the Isle of Man in certain sectors, where businesses have been unable to recruit locally.

Eligibility: Financial and professional services, specialist construction, manufacturing, digital, tourism and hospitality

Find out more and make an application here.

Financial Assistance Scheme

The Financial Assistance Scheme (FAS) provides a range of grants and soft loan support for:

  • New start up businesses
  • Isle of Man businesses looking to expand
  • Businesses relocating to the Isle of Man

Grant levels vary per sector (see Financial Assistance Scheme Guidelines) with up to 40% grant support available towards: building work, plant and machinery, marketing, first year expenses, rent, training, energy efficiency, waste efficiency and employee relocation.

A new Accessibility Grant has been added to the Financial Assistance Scheme to support businesses wishing to make adjustments in line with the Equality Act 2017. The total grant available is capped at a maximum of £7,500 per applicant and will cover businesses in all sectors with physical premises.

Find out more and make an application here.

Investors in People

Investors in People (IIP) is a national standard which sets out a level of good practice for training and development of people within a business environment. The standard provides a national framework for improving business  performance and competitiveness by developing employees and encouraging continuous improvement.

The Department for Enterprise funds the consultancy element required to assist the business through the process, with the business funding the accreditation application.

Eligibility: Any business, which has a minimum of two employees and no govenment debt, who is looking for an industry standard benchmark focusing on their people.

Find out more and make an application here.

Micro Business Grant Scheme

The scheme has been designed to give start-ups and early stage small businesses the necessary training, financial support and mentoring to get their business off the ground.

Matched funding up to £6,000 available for all businesses, with assistance of £15,000 for exporting businesses and child care providers.

Eligibility: The applicant/business must have a turnover between £15,000 - £100,000 and have been trading for less than 18 months, or not yet started.

Find out more and make an application here.

 

 

Business Isle of Man is responsible for securing the Isle of Man's status as an internationally respected economic hub for the export of high value added products and related services.

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