£50m isle of man enterprise development scheme

Known as the Enterprise Development Scheme, the Isle of Man Government has made available £50 million to invest in businesses that seek to create jobs on the Island. Funding includes grants, loans and equity, with UK based SPARK Impact having been appointed as managers of the scheme.

The Isle of Man Enterprise Development Scheme provides grant, loan and equity investment to eligible businesses creating jobs on the Island. This support is available to a wide-range of businesses including new Isle of Man start-ups, existing expanding Isle of Man businesses and businesses wishing to relocate to the Island.

Quinn Legal is one of the first law firms to be engaged to assist with an application for funding under the scheme.

What You Need To Know

Under the Isle of Man Enterprise Development Scheme, assistance is given to eligible businesses in several ways:

Grants

  • For both on-Island start-ups and growing businesses seeking financial support and guidance, grants are available up to £25,000
  • 5 day training course to help you consider your business idea and to learn valuable skills to assist you in setting up and running your business
  • The scheme offers a maximum of £5,000 to help towards the start-up costs for your business
  • Living allowance is available of £80 per week for a maximum of 30 weeks
  • Business advisory and mentoring to all successful grant applicants

Loan

  • Available to on-Island businesses to aid their expansion
  • The scheme is available to existing locally based businesses in export driven economic sectors ideally with 5+ employees
  • Purpose: to support capital, plant, equipment, premises or other tangible assets
  • Loans are on commercial terms, over 1 to 5 years; up to £100,000 in staged payments

Equity

  • Typically up to £250,000, additional considered in exceptional circumstances
  • Usually equity investment as minority shareholder
  • Anticipated term of 3 to 5 years and Business Plan to include an exit strategy
  • Purpose: investment support into niche and/or export driven sectors which support the Government’s development ambitions such as E-Business, Financial Services, Manufacturing, Bio-Medical and other emerging sectors will be considered

Relocation

Relocate your business on the Isle of Man

  • The scheme aims to encourage industry leaders and entrepreneurs to scale up on Island businesses, establish new, or relocate existing businesses to the Isle of Man
  • These businesses will typically be entering the ‘commercialisation phase’ of their growth cycle
  • The scheme has been designed to offer equity or similar funding for investment to help enable this expansion
  • Support through loan and / or equity (as minority shareholder), typically up to £1million
  • Anticipated term of 5 years at the discretion of the Scheme Manager

How Can Quinn Legal Help?

Quinn Legal employs experienced professional staff who have assisted numerous companies to both establish themselves and relocate to the Isle of Man.

As one of the first firms to advise on a major loan and equity investment from the Fund, Quinn Legal can advise and assist you with all aspects of your application.

Get In Touch Today

At Quinn Legal we help our clients with the Isle of Man Enterprise Development Scheme from day one. Make an enquiry by calling 01624 665522 or emailing us and find out how we can help you with the Enterprise Development Scheme.

Alternatively, you can fill out our handy online enquiry form and one of our team will be in touch within 24 hours.

Make an Enquiry

Call our team on

+44 1624
665522