Isle of Man Financial Assistance Scheme
The Isle of Man has long been known as a welcoming home to entrepreneurs and innovators. IOM has achieved this over the years by playing to its strengths, having strong communication with the private sector, supporting new ideas and new ways of thinking, changing legislation quickly, and by leading rather than following. E-business, for example, has found a home in the Isle of Man, with many companies becoming significant employers on the island. The Financial Assistance Scheme For Isle of Man Companies wanting to expand, the Financial Assistance Scheme (FAS) aims to encourage diversification of the local economy by providing a range of grants and soft loan support to eligible businesses. The Isle of Man FAS provides support to eligible businesses that meet the commercial and environmental criteria (a mix of employment, benefit to the community, on island expenditure, investment etc). The FAS encourages businesses on the island to adopt new technologies and practices. The opportunity is not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts. The Isle of Man FAS is discretionary and offers a generous package of support to qualifying businesses. The general grants that are available include: Capital Grants- Up to 40% of the cost of new 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 expenses 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.