Financial Assistance Scheme

Coronavirus support

Tourism and Travel Sector Businesses

The impact of the border restrictions has resulted in a direct loss of revenue for tourism and travel sector businesses. The Department wishes to provide emergency support to such businesses in the short term, to protect the sector and in turn, their staff and customers.

This emergency assistance package runs from 1st July 2020 for a period of 3 months, ending 30th September 2020.

Eligibility: only Isle of Man businesses deemed to be in the broader tourism and travel sector may apply and must declare that their business was financially viable before the pandemic began.

To find out more about this scheme click here.

To apply for this scheme, click here.

Other Available Support

The Financial Assistance Scheme only provides support to tourism/travel businesses with staff however financial assistance is available to visitor accommodation providers and sole traders/self-employed individuals operating within the tourism and travel sector.

If you're a registered visitor accommodation provider, click here.

If you're a tourism/travel sole trader/self-employed individual, click here.

Coronavirus Business Adaptation Scheme (CBAS)

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. To find out more about this scheme, and to apply click here.

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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
Benefits
  • Discretionary scheme, which offers a generous package of support
  • Up to 40% funding towards capital and operating items
  • Covers a range of items, including building expenditure,
    plant and machinery and rent
  • Multiple applications are possible as your business grows
  • Quick approvals; generally under 40 working days
  • Also includes an Employee Relocation Incentive of up to £10,000
Features 

Grant levels vary per sector (see Financial Assistance Scheme Guidelines) with up to 40% grant support available towards:

  • Building – New buildings, extensions and refurbishments
  • Plant & machinery - Includes offices equipment
  • Marketing activity - Must be off-island, attendance at exhibitions, material design, visiting potential new clients
  • First year expenses – Setup costs, legal fees, on-Island hosting fees, relocation costs other professional fees (Not IOM Government)
  • Rent - First year rent costs (100% available for 12 months if outside Douglas and within certain town boundaries)
  • Training – Up to 40% of special training costs directly associated with purchased plant and equipment
  • Energy Efficiency – Assistance with costs of implementing a project recommended by Business Support Scheme e.g. where capital investment is required or where energy savings are clearly identifiable
  • Waste Efficiency – Projects that improve the quality or reduce the volume of waste produced
  • Employee Relocation – Grant designed to encourage job growth and the import of skills in certain sectors. Paid retrospectively to the applicant business, the grant is based on the calculation of 20% of the net salary paid to an eligible employee following their first year of employment on the Island, and is capped at up to £10,000. Learn more about the ERI here.
Eligibility 

The Department for Enterprise may provide assistance to an eligible business where, in its opinion, the eligible business undertakes, or will undertake, an economic activity in the Island; the assistance is likely to encourage sustainable economic growth in the Island; and the form and amount of the assistance is reasonable having regard to all the circumstances. Please refer to the Financial Assistance Scheme Guidelines for further information.

Please note: Only one grant may be applied for per project and only one application per 12 month period will be permitted. Grant assistance cannot be considered retrospectively for items of expenditure which have already been purchased.

Exclusions

  • Secondary sectors (including service industries e.g. cafés, construction, bars, restaurants, coffee shops, hairdressers and retail)
  • Self catering & B&B accommodation 

No government debts (NI/Tax/VAT/etc)

 

 

CASE STUDIES

  • "The Department for Enterprise helped us secure the relocation of an employee from our Cape Town Office. We were unable to fill the position locally and needed the experience and knowledge of this software developer to be based here on the Island. The Employee Relocation Incentive helped J5 International support the employee with relocation costs and enabled us to retain talent internally. We are currently in the process of accessing the scheme for another employee relocation".

    Anthony O'Mahony, J5 International 

DOWNLOADABLE RESOURCES

UP & COMING EVENTS

  • SIGMA iGaming Summit 2019

NEWS

  • Improvements made to Financial Assistance Scheme

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