First firms gain from £50m enterprise fund

Funding injection for relocation and new jobs

The first deals using money from a Manx government enterprise fund, have been struck - almost a year after its launch.

SPARK Impact handles the £50m fund, set-up to attract new firms and jobs to the Island, on behalf of the Department of Economic Development.

It says £1.2 million has so far been committed to companies in the healthcare, e-commerce and technology sectors.

SPARK says as a result, the recipients, not yet named, have created their first new jobs and begun relocation.

The Enterprise Development Scheme (EDS) was approved in Tynwald in October 2015, and launched at last year's ISLEXPO (May 2016).

It offers funding packages, including loans and equity investments, both to start-ups and businesses seeking to expand.

SPARK Impact Investment Director Mark Borzomato says the scheme's attracted widespread interest on and off-Island, with negotiations currently underway with firms 'across many sectors' looking to relocate to the Isle of Man, as well as with local businesses. 

Deals have involved Island-based lawyers, banks, accountants and corporate service providers - described as the Island's business 'eco-system'.

DED Minister Laurence Skelly said: "The diversity of the applications demonstrate the appeal of the scheme and the strong potential of our different industries here on the Island."

He added: "SPARK Impact has done a brilliant job handling the influx of enquiries and I look forward to seeing the results of the work and the Island's investment in the next few months.