The Department of Economic Development has seen great success in supporting local people start their own business with the latest figures showing an increase in applications for start-up grants.

As a direct result of the Micro Business Grant Scheme, created specifically to support local start-ups, 66 contracts have been signed since April 2015 with the potential for initial employment of up to 120 Island residents. Support for these businesses ranged from training, match-funded grants of up to ?5,000 and business mentoring for 18 months.

The Micro Business Grant Scheme is part of a range of grants and assistance initiatives aimed at helping start, grow and relocate business. The overall result of this significant investment and support within the Department’s schemes has resulted in over 1,000 on-Island jobs being created since 2011.

Laurence Skelly MHK, Minister for the Department of Economic Development, commented:

‘The figures released today indicate the strong level of commitment and the investment the Isle of Man Government is prepared to make in local businesses. A fundamental element of the Department’s mission is to help business grow on the Isle of Man and stimulate the economy supporting the Vision 2020 strategy. To continue this work, the Department has committed to an additional ?50 million of funding available through our new Enterprise Development Scheme, available over the next 5 years.’

Alfred Cannan MHK, the Department’s political member with responsibility for the Micro Business Grant Scheme, commented

‘It is vital that we maintain this critical source of support and funding to assist business start-up and local entrepreneurs. This is a positive use of public funds and we should be pleased that we have been able to help so many on Island start-up businesses succeed. Credit must also be given to the Grants and Business Support Team who have facilitated and supported these opportunities and we are committed to supporting small businesses and growing the Island’s economy. Interest in the scheme at ISLEXPO was very encouraging and further success into 2016/17 is anticipated.’

For more information, please contact the Business Support Team on +44 (0)1624 687333 or visit www.whereyoucan.com/EDS.