Financial Assistance Scheme
The scheme aims to encourage diversification of the local economy by providing a range of grants and soft loan support to eligible businesses.
The FAS provides a range of grants and soft loan support to eligible businesses that can meet the commercial and environmental criteria laid down.
The FAS is a key tool to encourage existing businesses to adopt new technologies and practices and for new businesses to develop on the Island. The opportunity exists not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts.
The FAS is discretionary and can offer a generous package of support to qualifying businesses. Assistance available includes:
- Up to 40% of costs of new purpose built buildings, building improvements and new plant and machinery, including hardware and software.
- Up to 40% of non-recurring costs associated with the establishment of a project (e.g. special first year expanses and excluding statutory changes)
- Up to 40% of the costs of specific new marketing ventures
- Up to 40% of the costs of implementing quality standards, energy conservation etc
- Up to 40% of training costs directly associated with purchased plant and equipment
- Up to 40% of the cost of renting a factory from a private developer for the initial period of a new project. For finance and professional services, ICT, creative and e-business where 80% of turnover is off-Island, rent support of up to 100% is available for 12 months where accommodation is situated in a regeneration area excluding Douglas.
Training grants are considered but must relate to a project with which financial assistance is being given.
The above incentives apply to existing and new ventures and can be applied for on an annual basis. Applicants should make clear to the Department of Economic Development the likely frequency and nature of potential future applications to help assess the appropriate level of support.
The Department of Economic Development 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 for further information.
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.
For further details and scheme guidelines please click here.
Guidelines to the Financial Assistance Scheme can be downloaded here.