A year of records for Enterprise Support Schemes

05 April 2018

The Department for Enterprise has seen a number of milestones reached across the Enterprise Support schemes, with strong enquiry and progress figures identified over the past year.

The Enterprise Support team at the Department has recently received and processed its 1,000th enquiry since September 2015. In the past year, a record number of Micro Business Grant Scheme (MBGS) contracts have been signed with 88 new businesses set up as a result, highlighting the quality of applications and bringing the total number of MBGS businesses currently supported by the Department to 250.

The Enterprise Support team at the Department for Enterprise manage 11 schemes which focus on supporting on-Island businesses of all sizes through financial, training and mentoring assistance.

Last year’s 2017 STEP Programme also saw a record breaking 45 projects completed by students who have undertaken a summer project-placement with a local organisation. The Department’s Financial Assistance Scheme (FAS) has also approved support for 46 business applications this financial year, another record for the Department.

Lawrie Hooper MHK, Department member with responsibility for Enterprise Support, commented:

‘The Department has a wide range of schemes aimed at investing and supporting businesses at all stages of growth in line with the Programme for Government’s vision to deliver an Island of Enterprise and Opportunity.

‘I’m delighted to be able to report that the schemes have seen a record year and hope that achievements such as these will encourage other like-minded start-ups and entrepreneurs to see the value of the schemes and enquire about their own business ideas.’

Enterprise Support Manager, Paul Maddocks, added:

‘This year has seen an increase in quality applications, through the Departments’ FAS and resulted in the best year since 2008 for the level of approvals in monetary terms, showing that industry is continuing to invest locally. The majority of the approvals relate to existing businesses, however, the team has helped some business locate to the Isle of Man, growing the Island’s economy.’

Enterprise Support Manager, Andy Bostock, added:

‘The success of the Department’s schemes is a testament to the high standard of applications that we’re seeing come through the Department and also as a result of the fantastic, hard work that the small Enterprise Support team are doing in order to deliver these great results. Each year the team attends on average 25 on-Island events, promoting the schemes to businesses and individuals who may be eligible for support.

‘This year’s records help highlight the strong level of interest and development of start-ups, entrepreneurs and expanding businesses as well as businesses relocating to the Isle of Man, reflecting the Island’s brilliant entrepreneurial spirit and supportive ecosystem.’

Businesses that have already been through the MBGS or another scheme may also be eligible for other Enterprise Support schemes and are encouraged to find out more by enquiring at: www.gov.im/businessenquiries

Meet the Enterprise Support team at ISLEXPO on the 16th May to discuss the schemes by registering for free at: www.islexpo.com

Find out what local businesses have to say about the Enterprise Support schemes by visiting: https://www.whereyoucan.com/Toolkit-Case-Studies/list.aspx