Financial Assistance Scheme

The Financial Assistance Scheme can provide a range of support for start-up businesses, businesses looking to expand and businesses relocating to the Isle of Man in eligible sectors.

The overall amount and level of support offered is determined on a case by case basis depending of a number of criteria, including new job creation.

The Scheme is split into three sections:

• Visit - aimed at eligible businesses in the visitor accommodation, visitor facilities, local leisure facilities, and activities and attractions sectors.
• Local Economy - aimed at businesses in the food & drink manufacturing/processing, training, recycling, unique local service provider, critical services and childcare and nursery sectors.
• Export - aimed at exporting businesses in the following sectors – e-gaming, e-sports, non-regulated business services, manufacturing & engineering, food & drink manufacturing, Innovative Technology & eBusiness, Digital Media, Financial & Professional Services, Ship & Aircraft management, and the relocation of Head Office functions.

Please refer to Guidance for each of the above to determine further eligibility.

Details on the financial support available to relocate employees to the Island can be found here.

BENEFITS

• Discretionary scheme, which offers a generous package of support
• Up to 40% funding towards capital and operating items
• Covers a range of items, including building expenditure,
  plant and machinery and rent
• Multiple applications are possible as your business grows
• Quick approvals; generally under 40 working days

FEATURES 

Grant support, typically up to 40% is available towards:

• Building - New buildings, extensions and refurbishments
• Plant & machinery - Includes office equipment
• Marketing activity - Must be off-island, attendance at exhibitions, material design, visiting potential new clients
• First year expenses – Setup costs, legal fees, on-Island hosting fees, relocation costs other professional fees (Not IOM Government)
• Rent - First year rent costs (100% available for 12 months if outside Douglas and within certain town boundaries)
• Training – training costs directly associated with purchased plant and equipment
• Efficiency Measures – implementing quality standards and measures to reduce energy and/or waste

ELIGIBILITY 

The Department for Enterprise may provide assistance to an eligible business where, in its opinion, the eligible business undertakes, or will undertake, an economic activity in the Island; the assistance is likely to encourage sustainable economic growth in the Island; and the form and amount of the assistance is reasonable having regard to all the circumstances. Please refer to the Financial Assistance Scheme Guidelines (Export, Visit or Local Economy for further information.

Please note: Only one grant may be applied for per project and only one application per 12-month period will be permitted. Grant assistance cannot be considered retrospectively for items of expenditure which have already been purchased.

Exclusions

• Secondary sectors (including service industries e.g. cafés, construction, bars, restaurants, coffee shops, hairdressers and retail)

Businesses must declare whether they are up-to-date with Income Tax, NI and VAT at the time of application and throughout the process.