A new funding programme is set to back businesses with £600,000 to support business growth, investment and job creation.
Small and medium-sized businesses across the Isle of Wight, but with a designated proportion of funds allocated specifically to Ryde, are being encouraged to apply for up to £50,000 of capital grants through the Isle of Wight SME Fund.
Previously known as the Isle of Wight Rural SME Fund, the programme has been expanded to support eligible small and medium-sized enterprises (SMEs) across the Island.
Funded through the Solent Growth Partnership, the programme aims to help businesses overcome barriers to growth through capital investment projects that create or safeguard jobs while securing additional private sector investment.
Eligible Isle of Wight businesses will be able to apply for capital grants of between £5,000 and £50,000 through a competitive application process. Funding cannot be used for day-to-day business running costs such as salaries, rent, rates, utilities, stock or raw materials.
Franchise businesses are not eligible to apply, and projects that have already received support through certain Defra funding schemes also cannot be supported.
Two parallel funds make up the total £600,000 figure. The “whole-Island” Isle of Wight SME Fund consists of £400,000, while there is also a focused fund of £200,000 for Ryde based-businesses, which includes £100,000 of funding from Ryde Neighbourhood Board. Ryde businesses could still access further ‘whole-Island’ funds if there is the volume of good quality applications.
Previous beneficiaries of the grant include The Garlic Farm, who constructed a single-story steel framed and clad extension to their existing warehouse through the fund.
This gave the business the chance to open a new packing room and “goods out” area to address their growing demands, and created 3 new jobs while safeguarding a further eight jobs on the isle of Wight.
The grant also enabled Wight Knuckle Brewery to produce a visitor centre and purchase bar equipment, creating a destination that attracts visitors to their location. This project created three new jobs and safeguarded 2 jobs.
The fund is open to both young and established small and medium-sized enterprises (SMEs) that trade on the Isle of Wight. Businesses must be able to demonstrate how their project will create or protect private sector jobs on the Island and contribute at least 50% of the total project cost through private sector investment.
Who can apply?
To be eligible, applicants must:
- Be a young or established SME trading on the Isle of Wight.
- Be seeking support for a capital investment project.
- Apply for a grant between £5,000 and £50,000.
- Demonstrate a minimum of 50% private sector contribution towards the project (e.g if the overall project cost is £30,000, business can bid for £15,000 from the fund)
- Demonstrate how the project will create or safeguard sustainable private sector jobs on the Island.
Preference will be given to projects that support the priorities of the Isle of Wight Growth and Prosperity Strategy, including innovation, green technology, tourism, culture and creative industries, environmental enterprise, transport, skills and the care economy.
The fund supports capital investment projects that help businesses grow, improve productivity, access new markets, introduce new products or services, improve quality standards and support collaboration.
Applications are accepted during designated application windows. The first application window opens on 1st October and closes at 17:00 on 31st December.
Alex Minns, Isle of Wight Council’s service director for community regeneration and economy, said:
“Small and medium-sized businesses are the backbone of the Isle of Wight economy, providing jobs, innovation and investment across our communities.
“This expanded fund will make vital support available to a wider range of businesses and help them take forward projects that might otherwise be difficult to deliver.
Previous recipients have shown the real difference this funding can make, and we look forward to seeing more businesses bring forward ambitious plans that create jobs and stimulate economic growth.”
Rachael Randall, acting chair of Ryde Neighbourhood Board said:
“We are delighted to be working with the council to support this fantastic opportunity for Ryde’s business community.
“Businesses have such a major role to play in Ryde’s regeneration through the Pride In Place programme. When our businesses thrive and grow then so does the town
“This new funding is great news for our business community and we look forward to engaging with them in the near future to discuss this and other opportunities.”
There is a one-stage application process. Full application forms must be completed and submitted electronically to [email protected]
Application forms and further guidance for applying can be found here: https://innovationwight.co.uk/isle-of-wight-sme-fund/
Applications will be evaluated by a Grants Panel, with successful projects assessed against criteria including job creation, job safeguarding, the level of private sector investment and alignment with the fund’s strategic priorities.
Businesses interested in applying are encouraged to ensure any necessary planning permissions, licences or consents are in place before submitting an application.
For further information, businesses can contact the council’s Economic Development team at [email protected]
