The Enterprise Development Scheme (EDS) is suitable for a range of organisations including:
- New start-up businesses
- Isle of Man businesses looking to expand
- Businesses relocating to the Isle of Man
The main purpose of the scheme is to grow the Isle of Man economy and create jobs on the Isle of Man by providing funding for businesses entering or in their commercial phases.
- A range of investment options including loans, equity or a mixture including convertible instruments
- Investment ranges from £100,000 up to £1 million
- Suitable for new start-up businesses and those looking to grow existing operations
- 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
- The scheme the
- Total Government investment will be up to 40% of the required funds for each investment round
- Support is typically available over a 5 year period
- The scheme is internally managed, with external investment advice sought when required
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.
Examples of sectors and types of business not supported are:
- Businesses without substance
- Local (non-unique) service providers
- Pubs, clubs and restaurants
- Real estate / property development
- Tourism accommodation providers
Important Note –
The Department will not consider support which would lead to it being the majority investor or shareholder in the business.
The 2018 Tynwald Approved Scheme can be found here.
"Billboards.im offers high-impact out of home advertising on a robust, digital platform, and we are delighted to receive funding from the EDS. This will enable us to invest in new technology on the Island and create even more competitive advertising space for local businesses. We are incredibly grateful for the support we have received."
Ian Rowley, Billboards.im