Financial Assistance Scheme
The Department of Economic Development's Financial Assistance Scheme (FAS) aims to encourage diversification of the
local economy. The FAS provides a range of grants and soft loan support to eligible businesses that can meet the
commercial and environmental criteria laid down.
The FAS is a key tool to encourage existing businesses to adopt new technologies and practices and for new businesses to develop on the Island. The opportunity exists not only to encourage new projects but also to develop projects in conjunction with private sector partnerships and contacts.
The FAS is discretionary and can offer a generous package of support to qualifying businesses. Assistance available includes:
Captital Grants
Up to 40% of costs of new buildings, building improvements, new plant and machinery, including hardware and software.
Operating Grants
Up to 40% of non-recurring costs associated with the establishment of a project.
Up to 40% of the costs of specific new marketing ventures.
Up to 40% of the costs of implementing quality standards, energy conservations etc.
Up to 40% of the cost of renting a factory from a private developer for the initial period of a new project.
Training grants are considered but must relate to a project with which financial assistance is being given.
The above incentives apply to existing and new ventures and can be applied for on an annual basis. Applicants should make it clear to the Department of Economic Development the likely frequency and nature of potential future applications to help asses the appropriate level of support.
Eligibility
The Department of Economic Development may provide assistance to an eligible business where, in its opinion, the eligible
business undertakes, or will undertake an economic activity in the Island; the assistance is likely to encourage
sustainable economic growth in the Island; and the form and amount of the assistance is reasonable having regard
to all the circumstances.
Please refer to the Financial Assistance Scheme Guidelines for further information.
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