The Department for Enterprise has announced that the Business Adaptation Grant, available under the Coronavirus Recovery Scheme, has been extended to further sectors.
The Business Adaptation Grant provides financial assistance to businesses who are looking to adapt their business model in order to seek out new and innovative products and/or provide their products and services in a new way, as a result of the pandemic. The Scheme will support up to 50% of the costs in carrying out these adaptions.
Examples of diversification which has previously been supported include:
The Business Adaptation Grant can be used to support adjustments including but not limited to; modifications to facilities, protective screens, rent on additional space leased and ventilation works to improve indoor air quality from an outside source. Grant assistance cannot be claimed in cases where a business is considered to be simply expanding or offering an extension of services already provided.
This support is available for eligible Isle of Man businesses who operate outside an excluded sector. More information on eligible sectors can be found in the Scheme Guidance.
Laurence Skelly MHK, Minister for Enterprise, commented:
‘It has become very clear that a range of businesses are now in a position where they need support to adapt and change their businesses as we collectively adjust to our new circumstances.
‘The support towards Business Adaptation has to date supported 59 businesses, and provided over £640,000 worth of funding. During these challenging times, we are continuing to support our local businesses, and have seen many examples of business innovation, through new product development and methods of service delivery.’
Full details on the Business Adaptation Grant can be found here: https://www.iomdfenterprise.im/financial-support/funding/business-adaptation
For the latest updates on Coronavirus in the Isle of Man, visit: www.gov.im/coronavirus