Tynwald approves new and enhanced schemes to support the Local Economy Strategy

Work will now begin to implement the Local Economy Strategy, following Tynwald's consideration of the long-term approach and approval for new support schemes, with £2.4m set to be available for businesses, Local Authorities and local town groups across the Island.

Launching 1 April 2025, the enhanced Town & Village Regeneration Scheme (TVRS) will enable businesses to apply for financial assistance towards improvements to the external appearance and accessibility of buildings, fitting out vacant units internally and the conversion of vacant units above shops for residential purposes.

In addition, the newly announced Local Economy Fund (LEF) will empower local authorities and other eligible organisations, through financial assistance, to trial new initiatives or activities that improve the quality and offerings in an area or generate increased footfall, revitalising the Island’s highstreets.

These support mechanisms provide the backbone of the Local Economy Strategy, developed by Business Isle of Man, which sets out a long-term plan to ensure the Island is a great place to live, supporting vibrancy and distinctiveness in our city, towns, and villages by empowering communities and enabling retail, leisure, and hospitality businesses.

Tim Johnston MHK, Minister for Enterprise, commented: ‘This strategy has been developed over the past year with careful consideration of both third-party research and, importantly, the views of our businesses and community.

‘With the support received in Tynwald today, Business Isle of Man is now in a position to advance with the implementation plan. As funding becomes available in the coming months, I look forward to seeing local businesses, authorities and local trader groups take advantage of these opportunities to drive meaningful improvements, with the aim that these efforts will not only enhance their own enterprises but also play a vital role in fostering vibrant, thriving communities across the Island.’

Steve Pickett, Chair of Business Isle of Man added: ‘The Strategy identified that Local Authorities, trader groups and other organisations are uniquely positioned to understand what their communities need, and through the above support mechanisms as well as the Domestic Event Fund, we hope these groups will be incentivised to take positive action, deliver projects, and increase the vibrancy and offerings across these sectors and our Island.’

As part of the Strategy rollout, Business Isle of Man will be holding Island-wide roadshows to discuss the support available towards the end of April/ beginning of May. Businesses are asked to express interest here and the Agency will be in touch once dates and venues are confirmed. The TVRS and LEF will both open for applications from 1 April 2025, with more information and Guidance available on the Department for Enterprise website in the coming days.