£600,000 Fund Launched To Support Isle Of Wight Businesses

Isle of Wight businesses can apply for grants of up to £50,000 to support growth, investment and job creation through a new £600,000 funding programme.

The Isle of Wight SME Fund has been expanded to cover eligible small and medium-sized businesses across the Island, with £200,000 specifically allocated to Ryde and a further £400,000 available Island-wide.

Grants of between £5,000 and £50,000 are available for capital investment projects, provided businesses contribute at least 50 per cent of the total cost and demonstrate how they will create or safeguard local jobs.

The money cannot be used for everyday running costs such as salaries, rent or utilities.

Previous recipients include The Garlic Farm, which created three jobs and safeguarded eight others, and Wight Knuckle Brewery, which created three jobs and protected two through its visitor centre project.

The fund is backed by the Solent Growth Partnership and aims to help businesses improve productivity, develop new products and services, and access new markets.

Priority may be given to projects supporting areas including tourism, innovation, green technology, creative industries and skills.

The first application window opened on October 1 and closes at 5pm on December 31.

Businesses can find guidance and application forms at Innovation Wight, or contact the Isle of Wight Council's Economic Development team at charlotte.chapman@iow.gov.uk.