The government says its measures to help businesses have created 284 jobs.
The Department for Business has offered over £6.7million in financial support to local businesses through the Financial Aid Scheme in the 2020/21 financial year, independent of any Covid-19 support.
That £6.7million can be awarded over two years.
The Enterprise Act Annual Report 2008 for 2020/2021 (Enterprise Act Annual Report) was published on the Register of Companies ahead of the March Tynwald sitting and details key results of funding, training and support programs advisory that are administered by the department, focusing on specifically on the financial aid program.
In addition to this, the report presents key statistics from the department-administered business emergency support programs that provided financial support to businesses during difficult business times throughout the pandemic.
Dr Alex Allinson MHK, Minister for Enterprise, said: “The main aim of the department’s financial aid program has always been to create jobs and grow the economy.
“This year’s figures are a demonstration of this philosophy in practice, creating over 200 jobs, which provide economic benefits to the island, while protecting over 1,500 existing roles, each helping to keep our economy strong. and diversified.
“While an investment of over £6.7million is undoubtedly a significant figure, the report states that the return on investment from this funding will be repaid to the island within three years, private expenditure notwithstanding. additional that are brought by the companies.
“Combined, these contributions provide additional investment in our Isle and help to establish long-term strategic planning for the future of the Isle of Man.”
In the last financial year, the Financial Aid Scheme (and associated grants) committed over £6.7million to start and grow businesses on the Isle of Man in the years to come .
This funding has created 284 jobs on the island, which have been valued to provide the island with over £2.3m extra a year in tax and national insurance revenue.
On top of that, helping these businesses invest in expanding and improving their operations means that the funding protects 1,965 jobs on the island, which combined contribute more than £26m each year in protected tax contributions.
In addition, support provided through the Financial Assistance Scheme has helped stimulate over £12.7m of private investment which has been fed back into the Manx economy.
The Enterprises Act Annual Report 2020/21 also outlines the financial support that has been administered by the Department of Business as part of the Isle of Man’s Covid-19 response.
From March 2020 to November 2021, the Department for Business administered over £26.9 million in financial relief through Covid-19 business support measures spread across 15 support schemes and funding rounds.
During this period, the business support team handled over 10,000 Covid-19 related inquiries and made over 10,500 payments throughout the pandemic.
In addition to this, in the 2020/21 financial year, the Enterprise Department’s Micro Business Grants Scheme trained 211 people, administering grants to 122 local entrepreneurs worth over £650,000.