Change to Micro Business Grant Scheme announced
The Enterprise Support Team of the Department for Enterprise has announced that the minimum turnover eligibility requirement to receive financial assistance from the Micro Business Grant Scheme (MBGS) will increase from £5,000 to £15,000 for new applications received after 1st January 2020. Businesses with turnover under £15,000 remain able to apply for support through the training and mentoring elements of the Scheme, but they will not be eligible to receive financial assistance.
The Department has made the decision to increase the turnover eligibility criteria to focus on providing financial support to businesses that are scalable and are capable as a minimum of providing a living wage to the applicant as well as delivering a greater return on investment for the Isle of Man economy.
For more information and to apply for the Scheme >>