IMPORTANT NOTE: FROM 1st JANUARY 2020 THE MINIMUM TURNOVER REQUIREMENT INCREASED FROM £5,000 TO £15,000
The scheme has been designed for new start-ups or businesses trading for less than 18 months, with a turnover between £15,000 and £100,000. The scheme is also suitable for individuals looking to take their first steps into self-employment.
- Funding of up to £6,000 payable as a grant, living allowance or combination of both
- Enhanced rate of £15,000 for exporting businesses and child care providers
- Further assistance of up to £10,000 to support job creation
- Approximate 16 hour flexible training course with morning, weekend or twilight schedules to suit you
- 18 month business mentoring
Training – The scheme includes an extensive business training course comprising approximately 16 hours with morning, weekend or twilight schedules to suit you. All training courses are split into 2 parts with both group and one-to-one tutorials, delivered by the University College Isle of Man. Training helps applicants consider their business idea, determine the eligibility and viability of the business and develop their business plan.
Financial Assistance - The scheme offers financial assistance of up to £6,000 (an enhanced rate of up to £15,000 for exporting businesses, child care providers and nurseries is also available) which can be in the form of a financial grant or a living allowance of up to £100 per week for a maximum of 60 weeks. Alternatively, applicants can opt for a combination of both, up to £6,000. Further assistance up to £10,000 is also available to support job creation.
Business Mentoring - The business mentoring service goes hand in hand with the financial assistance. Applicants will be partnered with a business adviser, who will act as a business mentor throughout the initial business start-up phase; this is in the form of interim meetings over a period of 12 to 24 months, which can be tailored to the candidate’s needs and progress. In a recent satisfaction survey completed by attendees, business mentoring was seen as the most beneficial aspect of the scheme. Meet our Micro Business Advisers here.
The applicant/business must:
- Be resident on the Isle of Man for income tax purposes
- Be an Isle of Man worker or hold a valid work permit in respect of your intended business activity
- Be over 16 years old
- Be in control of your business
- Be trading for less than 18 months, or not yet started
- Have a turnover between £15,000 - £100,000.
Provision of financial assistance is discretionary and the decision to provide assistance in any particular case will be based on the merits of the case including the turnover, profitability, viability and scalability of the business, the exchequer benefits received and the personal survivor plan of the business owner.
There is no guarantee that the full £6,000 (or £15,000 for exporting businesses and childcare providers) will be granted to the applicant.
Founder of Active Souls, Mikey Haslett accessed the Micro Business Grant Scheme. Hear what he had to say about the scheme below:
"The Micro Business Grant Scheme training course was a fantastic insight for me, having never setup a business before. The information conveyed was eye opening and very informative, it gave me everything I needed to set me on my path."
"The level of support was amazing. The course helped me to engage with the business side of running a creative agency and helped me ask the right questions moving forward. Although the funding was really helpful, it pales in comparison to the value of the advice received from the course and my business mentor."