The Department recognises that the Coronavirus is having a significant negative affect on many businesses. The impact is around staffing, continuity of supplies, decreases in footfall, loss of orders etc. In an endeavour to counter these affects and increase business some businesses may wish to consider innovating and diversifying their business model in order to seek new avenues of business and/or provide products and services in a new way.
The Scheme offers financial assistance of up to 50% to eligible businesses. Only one application per business will usually be allowed. Treasury concurrence is needed for applications where the support to be offered exceeds £100,000.
- Businesses in any sector may apply (with the exception of large retail businesses with taxable income of more than £500,000) and must declare that it was financially viable before the pandemic or be a start-up business.
- Support will only be provided to businesses, partnerships and sole traders (with at least 1 employee) and therefore public sector bodies, charities, sports organisations and not for profit organisations etc. are not eligible to apply.
- The proposed expenditure must be in relation to the development of new products or services or different ways of operating.
The Department will refund 50% of the approved expenditure in the areas identified below:
- Modification to facilities
- Capital equipment (purchased or leased)
- Equipment needed to deliver new products or services for example, to carry food or keep food hot
- Vehicles bought or leased to deliver new products or services
- IT systems or software
- Materials consumed
- Rent on any additional space leased
- Increasing stock levels
- 1st year costs of establishing the new area of business for example, legal, accounting and meeting health & safety or environmental standards
- Other reasonable costs as agreed by the Department on a case by case basis
Note: Any equipment or vehicles that are second hand will need to have been purchased from an independent third party, and may also require separate independent valuation.
The Department will assess each application based on the following criteria:
- Full completion of the application form and information provided;
- Any additional information subsequently provided; and
- Eligibility in line with the criteria.
- The staffing levels in the business
All applicants are encouraged to carefully review their eligibility status before submitting the application form.
For the full scheme guidelines please click here.
Potential applicants who are unsure of their eligibility should complete the brief online enquiry form which can be found at: www.gov.im/businessenquiries
Enterprise Support Team Contact Details
Address: Department for Enterprise, 1st Floor, St George's Court, Upper Church Street, Douglas, IM1 1EX.