Community events which support the Manx economy could have up to 80% of their costs met by a new government backed scheme.

Business Isle of Man, the quango whose remit is to promote economic growth, has announced a new £500,000 domestic events fund to support local authorities, businesses, individuals and charities island-wide with the development of local events.

The new fund is intended to support increased domestic spending over the autumn and winter period, running up to March 31 2021 and event organisers will be able to apply for up to 80% of costs associated with the development of new, domestic focused events.

Eligible events such as local markets, festivals, shows, concerts must be focussed on increasing domestic spending, in turn supporting local businesses with their coronavirus recovery.

Qualifying costs include equipment, entertainment, marketing, insurance, health and safety, and an event organiser.

The political member with responsibility for Business Isle of Man, Lawrie Hooper MHK, said: ’I’m extremely pleased to announce the launch of the domestic events fund as a new initiative to stimulate and support our domestic economy.

’The loss of a number of large island events has resulted in a very difficult time for many businesses, and they are now facing the traditionally quieter winter season with lower than expected financial reserves.

’Business Isle of Man are working closely with town and village commissioners across the island to bring forward a number of events and I encourage any organisation interested in running a public event to take a look at this new fund.

’Community events are an opportunity to promote local products and local destinations as well as providing a great stimulus for local businesses by boosting footfall.’

Further information about the fund and how businesses, local authorities, individuals and charities can apply for help will be available from this week from www.businessisleofman.com

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