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We have laid out below a summary of all the financial and business support schemes available to the on-Island travel and tourism sector, with further links to scheme details, including eligibility and how to apply.
We are acutely aware that our industry have been one of the hardest hit following the effects and continued restrictions caused by the ongoing global COVID-19 pandemic and be rest assured, that both the Agency and the Department for Enterprise’s Enterprise Support teams, are available and here to support you and your business in any way that we can.
If you have any queries, please do not hesitate to get in touch with any member of the Agency team via accommodation.dfe@gov.im or by calling 01624 686663.
Support Schemes available to you
MERA is available again to both employed earners and self-employed people who are made redundant, laid off, put on nil pay by their employer. It is also available to those who are self-employed but who are prevented from carrying out their work due to the restrictions, providing they meet the qualifying conditions. Full details can be found here.
The Salary Support Scheme is available to all businesses that were able to claim during last year’s period of lockdown, 2 March to 19 July 2020. This is designed to ensure that businesses impacted by the circuit breaker lockdown can continue to pay their employees. Full details of this scheme, including details on how to claim can be found here.
The purpose of the Scheme is to provide financial assistance to Tourist Accommodation businesses. This is to ensure the Island retains its strategic tourist accommodation capacity during the ongoing COVID-19 crisis. The Scheme is intended to assist a more rapid recovery as the situation improves. Further details can be found here.
The Scheme was amended in December 2020, to allow further funding rounds to certain eligible businesses in the Tourism and Travel related sectors who have suffered a 50% reduction in turnover caused by the Island's border restrictions. The Scheme offers financial support to eligible self-employed applicants in the form of a grant payment of £3,000. Further details can be found here.
The Scheme offers financial support to eligible applicants in the form of a single grant payment of £1,500 for business overheads. There is stringent eligibility criteria – tourist accommodation providers are ineligible, however we encourage you to enquire about the Strategic Capacity Scheme above. Businesses in the Tourism & Travel sectors who have previously received Coronavirus Business Support Scheme (Round 4) or Financial Assistance Scheme (Appendix 10 – now called the Coronavirus Recovery Scheme) for the period January 2021 to March 2021 are also not eligible. For more information, click here
The Scheme provides a financial grant towards the costs of adapting a business model to provide products or services in a new and innovative way. The scheme also offers a financial grant towards short term ongoing operational costs such as salaries and overheads. Further information on the Scheme can be found here.
The DLGA is for locally based businesses who would otherwise not qualify for bank support. The Agreement, which is provided through Santander International, Conister Bank, Lloyds Bank, Barclays Bank, HSBC and RBS International, (NatWest Isle of Man Bank), supports overdraft and term-lending facilities of up to £500,000 as well as asset financing facilities. You will need to contact one of the participating lenders directly to discuss further, but you can find out more here.
The Agreement provides a further safety net for those businesses who cannot access working capital via their banks or do not qualify for assistance via the Coronavirus Business Disruption Loan Guarantee Arrangements (DLGA). The Agreement supports overdraft and term-lending loan facilities of up to £250,000 and is supported by Santander International and Conister Bank. You will need to contact one of the participating lenders directly to discuss further, but you can find out more here.
Other Support Available
The Department and wider Government also offer a range of other schemes. For further information please click here.