The scheme has been designed for new start-ups or businesses trading for less than 18 months, with a turnover between £5,000 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 20 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 20 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 £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 £5,000 - £100,000.
Founder of Active Souls, Mikey Haslett accessed the Micro Business Grant Scheme, hear what he had to say about the scheme below:
“I would 100% recommend the scheme to others considering starting their own business. The financial assistance is a great confidence boost and it’s reassuring knowing that you have the income coming in each week.”
Angela Clucas, Next Level Nutrition
“The Micro Business Grant Scheme proved excellent in providing a really good grounding in how to set up, market and manage my business. Moreover, the scheme provides the support of an experienced business mentor who I met with regularly to check progress.”
Darren Whyman, Mr Whippy