Government help for businesses as cost of living rise bites
More government help is now available for businesses, charities, local authorities and event organisers as the cost of living rises.
The Department for Enterprise, supported by the Economic Strategy Board and Treasury, has announced two targeted initiatives, which the government hopes will help stimulate economic activity, generate footfall and bring communities together.
The initiative include:
1. The relaunch of the Domestic Event fund, that provides event organisers, charities, local authorities and hospitality businesses, with financial assistance of up to 80% of the total costs associated with the development of domestic focussed events. The Domestic Event Fund was first introduced in 2021 and generated footfall of more than 239,000. For more information visit http://www.businessisleofman.com/eventsfund
2. The re-introduction of two LoveIOM Gift Card incentives that can be redeemed at more than 55 hospitality businesses across the Island.
A bonus credit of 25% to a maximum of £10.00 will be automatically added to cards purchased from 22nd November to 24th December 2022.
Why not Weekdays-Credit back Incentives
From January 23 to March 31 any spend on the LoveIOM Gift cards during weekdays (Monday-Thursday) will earn a 25% credit back (up to £50 on a spend of £200) the next day.
The initiatives will be complemented by a ‘Love Manx Christmas List’ informational message to make residents aware of the many retail gifting options available in the Isle of Man. A dedicated page (facebook.com/lovemanx.im) has been set-up which features local businesses, Christmas markets and gifting ideas.
Lawrie Hooper MHK, Minister for Enterprise, said: ‘We recognise that our customer facing businesses play a major role in generating employment and creating vibrant communities. Feedback received from the industry with regards to energy, staffing and input costs, has indicated that this winter will be another challenging time for our residents and businesses alike.
‘We want to create initiatives that will have a far reaching effect on supporting and incentivising local spending.
‘The Domestic Event Fund aims to stimulate local spending by driving footfall into the island’s towns and villages by providing financial support and underwriting to reduce the risk associated with running these types of events, in the current climate, for event organisers. Event organisers planning new or existing events with new elements, before or after Christmas are encouraged to apply for support through the Domestic Event Fund.
‘The LoveIOM gift card plays an essential role in keeping gifting spend within our economy versus being re-directed off-island in the form of online market place vouchers. Following the success of the previous LoveIOM Top-up Incentive Campaign, which generated over £40,000 of funds last Christmas, the card is seen as a win-win for both residents and businesses with the latter benefiting from a boost in patron numbers in slower trading months post-Christmas period.’
Domestic Event Fund
Since the Domestic Event Fund was first introduced in 2020, it has supported a range of events, providing mroe than £390,000 of funding to local businesses and authorities and stimulating a total recorded footfall of over 239,000 across 130 events.
Mike Wade, co-owner of The Black Dog Pizza Oven, which organised recent events including The Dog’s Nollick #2 and The Moddey ‘Do’, said : ‘We’re extremely thankful for the support of the Domestic Event Fund in helping us to host a successful series of Christmas and Halloween pop-up events last year. Feedback received from local businesses within the area was also positive as some witnessed a noticeable increase in trade as a result of these events’.
LoveIOM Gift Card
The LoveIOM gift card was launched last year to give residents and corporate businesses an option to buy a gift card that would benefit local hospitality businesses, helping to circulate gifting spend through the festive period and support hospitality businesses through the quieter trading periods after Christmas.
Jamie Lewis, owner of Kiki Lounge, who has been signed up to the LoveIOM Gift Card Scheme since the beginning, said: ‘We’ve been accepting LoveIOM gift cards since the beginning of the scheme. It’s great to be a part of a community focussed initiative that helps keep the corporate Christmas spend in the local pocket, rather than that money going off Island to big businesses such as Amazon.’
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