Business

Business

The next drop-in session for businesses has been organised by Karl Millar, Business Liaison Officer on Monday 10 February 2020 at the Windsor Coffee Co on Loch Promenade between 10am-noon. 

To view the current phasing plans CLICK HERE 

The Department for Enterprise funding support is continuing. There are 4 different support schemes = these are detailed below:

1. DOUGLAS PROMENADE SUPPORT (NO.2) SCHEME 2019 - effective from 1 January 2020 

Based on feedback received following the creation of the existing two Promenade Support Schemes (The Marketing Scheme & The Grant Scheme), the Department has worked with Treasury on this new, more substantial support scheme. This scheme provides loan support to viable, sustainable and eligible retail and hospitality businesses (excluding visitor accommodation) on Douglas Promenade which have been financially affected by the Refurbishment Scheme. Applicants are encouraged to complete the enquiry form and discuss the requirements with the Department before considering applying. Following this, a PS2 Application form must be submitted.

Alternatively, to get in touch with the Department about an outstanding enquiry please see the contact details at the bottom of the page.

FINANCIAL SUPPORT AVAILABLE
An unsecured, interest free loan of up to £50,000, repayable over a 10-year period from the date of receipt of payment.
No loan repayments will be expected to be made until after the Department of Infrastructure (DOI) have confirmed the completion of the Refurbishment Scheme.
The applicant must propose a repayment schedule of the loan that is to be agreed by an accountant* and the Department.

ELIGIBILITY
The business must have been in operation in the support area on or before the 26th November 2018 and continuously thereafter.
The business must show financial affect as a result of the Refurbishment scheme and this must be certified by an accountant* as a fair and accurate assessment.
The business must be located in the designated zone. This is between the southern end of Loch Promenade and Strathallan Crescent. To view a map of the designated zone CLICK HERE 
The business must state whether or not they are compliant with Tax, NI, and VAT.
The business must rely on public access for footfall and trade.
The business must be trading as a going concern in accordance with generally accepted accounting principles or practice and this must be confirmed by an accountant*.
Sole traders and businesses operated only by the owners of the business will be eligible to apply.
No person involved in controlling the business is disqualified from holding appointment as a director or a company secretary either in or outside the Island at the time of application.

ELIGIBLE SECTORS AND BUSINESS FUNCTIONS
Restaurants, Cafes, Takeaways, retailers, certain service businesses (subject to restrictions)

INELIGIBLE SECTORS AND BUSINESS FUNCTIONS
Visitor accommodation, residential property and developments. charities and not-for-profit organisations

OTHER KEY INFORMATION
A business plan must be submitted alongside the application to lay out the future plans for the business and use of potential funds.
The minimum value loan offered will normally be £5,000.
The loan is for business purposes or to discharge liabilities incurred in the conduct of that business and not for personal purposes or to discharge liabilities unconnected with that business.
Applicants (including groups with multiple connected businesses or self-employed persons with multiple businesses) may submit more than one application. The total value of loans paid per applicant, including groups of connected companies, will be capped at £50,000.
The loan may be used by an applicant to (includes but not limited to):pay Government debts; alleviate cash flow issues; fund marketing initiatives; improve internal or external refurbishment of the building, subject to planning approval and the owner’s permission; invest into the business and its assets; or undertake business improvement projects.
*ROLE OF THE ACCOUNTANT: Each application must be reviewed by an accountant who will comment upon (includes but not limited to):

Whether the business is trading as a going concern;
Whether the financial position declared in the business’s application form and business plan is of true representation;
Whether the business has experienced financial affect as a result of the Refurbishment Scheme;
Whether the business has proposed a reasonable and achievable loan repayment schedule and that the business has ability to service the loan;
Whether the business has declared compliancy with regards to Income Tax, National Insurance and VAT to a true effect;
The impact that the loan will make upon the business.
As a result, the Department has introduced a small grant towards the cost of the accountancy services as part of the scheme that is to be requested by an applicant. The accountant’s charging time and rate must be agreed in advance with the Department before they begin working for the applicant.

The grant is normally capped at £450 and will be paid directly to the accountant upon submission of their comments to the Department, regardless of whether the application proceeds to a loan being offered or paid. The grant is only available to each applicant once, regardless of how many loan applications the business submits.

DOWNLOADABLE RESOURCES

DP Loan Scheme PS2 Application Form
DP Loan Scheme Guidance
DP Loan Scheme 2019/0499

DOUGLAS PROMENADE GRANT SCHEME
The aim of this scheme is to provide financial assistance to qualifying businesses to ensure that during the Douglas Promenade Refurbishment Scheme work, businesses are supported and continue to improve and grow. Therefore, funding is to be used to alleviate cash flow issues and to undertake business improvement initiatives.

Applicants are encouraged to complete the enquiry form and discuss the requirements with the Department before applying. 

Following this, you must complete a PS1 Application Form to apply for the scheme.

FINANCIAL SUPPORT AVAILABLE:

A single grant payment of £6,000 for the business
ELIGIBILITY
The business must have been in operation in the support area on or before the 1st May 2019 and continuously thereafter.
The business must be located in the designated zone. This is between the southern end of Loch Promenade and Strathallan Crescent. A map of the designated zone can be found in Downloadable Resources to the right.
The business must employ, or have previously employed, at least one member of Isle of Man staff under contract of employment (other than owner/s).
The business must be compliant with Tax, NI, and VAT.
The business must evidence a 20% downturn in turnover over a six month period, during the refurbishment project, as compared to the same 6 month period in the previous year.
The business must have an annual turnover of less than £1m.
The business must rely on public access for footfall and trade.


ELIGIBLE SECTORS AND BUSINESS FUNCTIONS
Retailers, public houses. restaurants (open to non-hotel residents), cafes and takeaways, On-Island service providers, visitor accommodation providers .

INELIGIBLE SECTORS AND BUSINESS FUNCTIONS
Residential property and developments, charities and not-for-profit organisations

OTHER KEY INFORMATION
The business must only use the grant to alleviate cash flow issues and to undertake business improvement initiatives
Grants are offered entirely at the Department's discretion
The business must itemise how the grant will be spent
Should an application be successful, an offer letter will be issued within 5 days of the Department receiving all necessary information
Following receipt of the completed offer letter, we aim to make payment within 2-3 weeks 
Should the business cease to exist six months after payment, the grant is repayable
Only one application is permitted per group of companies

The Department has several other Enterprise Support Schemes to support local businesses, which promenade businesses may be eligible to apply for.

Learn more about the other schemes below:

The Business Improvement Scheme: matched funding available up to £5,000 to engage external consultants to undertake projects such as website development, marketing and environmental efficiency.

The Business Energy Saving Scheme: Unsecured, interest-free loans up to £20,000 towards the cost of a project that improves energy efficiency.

The Town & Village Regeneration Scheme: grant of up to 50% capped at £10,000 for projects that improve the appearance of commercial premises and create civic amenity projects within the Island’s Towns and Villages.

DOUGLAS PROMENADE MARKETING SCHEME
The Department has developed a programme of marketing support which is available to all retail and hospitality businesses situated along the promenade and adjoining streets, as defined on the Designated Zone Map, CLICK HERE 

This support comprises two elements:

1. ACCESS TO ONE HOUR MARKETING CONSULTANCY (FACE TO FACE)
Local marketing agency, Bold Consultancy, has been appointed and will be offering a free one hour marketing consultancy session to businesses who wish to participate. These sessions will be scheduled at a convenient time, taking into consideration the demands of your business and diary availability where possible.

Each one-to-one hour session will consider your challenges, target audience, and key messages and make professional recommendations about the best allocation of a marketing fund for your business.

2. £2,000 MARKETING BUDGET PER BUSINESS
Following the suggestions and agreed outcomes of your consultancy session above, each business will be able to access a fund of £2,000 to assist with marketing outreach.

As part of this package, Bold Consultancy will oversee a local marketing campaign on your behalf. Your funding will be spent only through Bold Consultancy.

HOW TO ACCESS THE MARKETING SUPPORT
If you would like to access the marketing consultancy together with the £2,000 marketing budget allocation to be delivered by Bold Consultancy, please book your free one hour consultancy session online at: www.boldconsultancy.com/myprom

You can also call the Bold team to book your session by calling (01624) 611757 or emailing hello@boldconsultancy.com.

We will continue to advertise any offers, specials deals etc that business along the Promenade would like local and visitors to know about. To get involved in this initiative please contact Karl via myprom@gov.im

Updated on 22 January 2020

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