The first businesses to received funding from the government’s £50m Enterprise Development Scheme have been named.

Scheme manager Spark said several agreements have been reached and funding of more than £1.2m committed to help bring new businesses to the island and expand existing on-island firms.

Among those to have received support is Nimbus Medical Holdings Limited. Founded in Merseyside in 2014, the technology firm has received equity investment to allow it to expand. As a result, Nimbus relocated here in late 2016 and has already created three new jobs.

The company has developed InterCare, an integrated technology platform that enables the elderly and chronically ill to live at home safely rather than in hospital or care home. Chief executive John Curtis said: ’We are now ready to step up production and distribution.’

Another business to receive EDS support is start-up Scout4 which has launched Jobhawk, an app that matches construction workers with major subcontractors. Chief executive Steve Langkamp said: ’We will be looking to expand our team and grow the business further.’