The government says its measures to help businesses created 284 jobs.

The Department for Enterprise offered over £6.7million of financial support to local businesses through the Financial Assistance Scheme in the 2020/21 financial year, separate to any Covid-19 support.

That £6.7m can be awarded over two years.

The Enterprise Act 2008 Annual Report for 2020/2021 (Enterprise Act Annual Report) has been published on the Register of Business ahead of March’s Tynwald sitting and details key results of the funding, training and advisory support schemes which are administered by the department, focusing specifically on the Financial Assistance Scheme.

statistics

In addition to this, the report outlines key statistics from emergency business support schemes administered by the department which provided financial support to businesses during difficult trading periods throughout the pandemic.

Dr Alex Allinson MHK, Minister for Enterprise, said: ’The key purpose of the department’s Financial Assistance Scheme has always been to create jobs and grow the economy.

’This year’s figures are a demonstration of that ethos in practice, creating more than 200 jobs, which provide economic benefit to the island, alongside protecting more than 1,500 existing roles, each of which contribute to maintaining our strong and diverse economy.

’While an investment of over £6.7million is undoubtedly a large figure, the report indicates that the return on investment for this funding will be paid back to the island within three years, notwithstanding the additional private expenditure which is contributed by businesses.

’Combined, these contributions provide further investment into our island and help to establish long-term strategic planning for the Isle of Man’s future.’

In the last financial year, the Financial Assistance Scheme (and associated grants) committed more than £6.7million towards starting and growing businesses in the Isle of Man in the upcoming years.

national insurance

This funding created 284 jobs in the island, which have been valued to provide the island more than £2.3million a year extra in tax and National Insurance revenue.

In addition to this, supporting these businesses to invest in expanding and enhancing their operations means the funding protects 1,965 jobs in the island, which when combined contribute over £26million in protected tax contributions each year.

Furthermore, the support provided through the Financial Assistance Scheme has helped to stimulate over £12.7million of private investment which has been contributed back into the Manx economy.

The 2020/21 Enterprise Act Annual Report also outlines the financial support which has been administered by the Department for Enterprise as part of the Isle of Man’s Covid-19 response.

From March 2020 to November 2021 the Department for Enterprise administered over £26.9million of financial assistance through Covid-19 business support measures spread across 15 support schemes and funding rounds.

During this time, the Enterprise Support team have processed more than 10,000 Covid-19 related applications and made over 10,500 payments throughout the pandemic.

In addition to this in the 2020/21 Financial Year, the Department for Enterprise’s Micro Business Grant Scheme trained 211 individuals, administering grants to 122 local entrepreneurs to a value of more than £650,000.