Funding Your Future: Exploring the Isle of Man’s Business Improvement Scheme

 You’ve successfully launched your business, but the work isn’t done. As your business grows, you’ll need to invest to stay competitive—whether that means a new marketing campaign, a website upgrade with e-commerce, or improving your operations. While the Business Start-Up Scheme (BSUS) is great for brand new ventures, the Isle of Man Department for Enterprise offers other valuable support for businesses that have been trading for a while.

One of the most powerful tools available for established small businesses on the island is the Business Improvement Scheme (BIS). This scheme provides financial assistance to help businesses grow, improve, and become more efficient.

What is the Business Improvement Scheme?

The BIS is a discretionary grant scheme that offers financial support to Isle of Man businesses looking to undertake projects that improve productivity, competitiveness, or efficiency. It’s designed to help businesses invest in strategic projects that they might otherwise put off due to cost.

The key benefit is that it can provide a grant of up to 50% of the eligible costs, with a maximum value of £5,000 per project.

How BIS Can Help with Your Website and Digital Presence

While the BSUS is focused on getting a business off the ground, the BIS is all about taking it to the next level. This is perfect for a business that started with a free website and now needs a professional upgrade.

Here are some ways the BIS can be used to improve your digital strategy:

  • Website Re-development: Is your current site slow, outdated, or not meeting your needs? The BIS can help fund the cost of a completely new, professional website with improved design and functionality.

  • E-commerce Integration: If you’re ready to start selling products or services online, the scheme can assist with the cost of setting up an e-commerce platform.

  • Digital Marketing Campaigns: The BIS can support a range of digital marketing activities, from professional branding and design to targeted online advertising campaigns.

  • Search Engine Optimization (SEO): If you’ve been doing your own SEO, the scheme can help you hire an expert to significantly improve your search rankings and drive more organic traffic to your site.

  • System Upgrades: Beyond the website itself, the grant can be used to invest in new software or systems that improve business efficiency, such as a Customer Relationship Management (CRM) system or a new booking platform.

Am I Eligible for the Scheme?

To be considered for the BIS, your business must meet certain criteria and be able to demonstrate how the project will benefit your business and the wider Isle of Man economy. It’s a discretionary scheme, so all applications are reviewed on a case-by-case basis.

The best way to get started is to contact the Department for Enterprise’s Enterprise Support Team. They can provide tailored advice and guide you through the application process.

By leveraging schemes like the Business Improvement Scheme, your business can continue to evolve, adapt to new challenges, and thrive in the ever-changing digital landscape. It’s a perfect example of how the Isle of Man government supports local businesses at every stage of their journey.