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Fifty million pound fund to help business expand

Enterprise Development Fund could be running by early 2016

One of the main thrusts of the Government "Agenda for Change" initiative, a fifty million pounds development fund, will be floated in front of Tynwald members this month (Oct 20th).

The aim of the Enterprise Development Fund would be to boost the economy by providing support for both existing firms, small and medium.

It also aims to attract enterprises who could be encouraged to set up here.  

The Economic Development Department admits there are some risks in providing cash for commercial concerns, but they say there is a need to provide assistance to those who encounter difficulties in raising finance.

Supporting their case they will show members the result of a consultation carried out this summer. They also look to reassure doubters who might refer to the Sefton loans experience, and look for a substantial degree of accountability.

Minister Laurence Skelly says amendments have been made to the original scheme to allay fears. If Tynwald says yes, a tender process will select a suitable organisation from the private sector to be scheme manager and every year Tynwald will be told who has got support and how the fund is doing.

The scheme, which already has Treasury approval, could run from the end of January next year.

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