At the end of last year, the Department for Enterprise announced a number of changes to its Enterprise Support schemes.
One of the schemes to change was the Business Improvement Scheme (BIS). For export-focused and domestic Isle of Man businesses alike, the BIS offers a financial grant of up to 50% towards the cost of business improvement projects across a wide range of business areas.
Key changes to the scheme include:
- An increase in financial assistance, up to the value of £5,000
- The introduction of advice on disciplines including Digital Marketing, Social Media, Brexit and Legalisation Consultancy
- A Business Advisory Service, which is fully funded by the Department
- Greatly streamlined administration, with a 50% reduction in the time taken from application to approval
In the last two years the scheme has invested £160,000 in over 150 projects and covers a range of business areas, including:
- Business Advisory Service
- Digital marketing/social media
- Environmental efficiency
- Information communication technology/information systems
- Quality accreditations
- Transactional websites
The Department has also introduced new funding for Brexit consultancy under the scheme, to help support local businesses with Brexit planning. This follows the release of the Department’s Brexit Checklist, which was issued late last year to help local businesses consider the changes and challenges that Brexit would bring, if implemented in March.
To see if your business is eligible for the Business Improvement Scheme, please contact the Department for Enterprise team at email@example.com or call 01624 687333
For more information visit www.iomdfenterprise.im/bis