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Economic Development Fund has only had limited success.


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Presumably there's £47m left? I'd call that a success. 

I heard most of the applications were shite as they’d been touted round every low level PE house and grant scheme in the UK before they knocked on our door. We shouldn't be obliged to hand money to no

The only people that have benefitted from this is Spark. I remember talking to an accountant about terms a client had been offered by the fund, which he had advised them to walk away from.  Its a

The only people that have benefitted from this is Spark. I remember talking to an accountant about terms a client had been offered by the fund, which he had advised them to walk away from. 

Its actually a PR disaster - it looks like even though we are giving money away, nobody wants to do business here. Add to the fact that the UK EIS fund offers fabulous tax relief incentives, and the likes of Scotland and Wales will provide massive support, and its not hard to see why this shouldn't be wrapped up, 'lessons learned' and move on. 

 

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Anecdotally, I was told that it would have taken less paperwork to become AIM-listed than for an Enterprise fund application.

As Derek says, it looks like it was set up to give money away to encourage Enterprise, but actually that was not the case at all.

The paperwork and terms involved (i.e. gov't wants to see return on investment or repayment of grants) lead to it not being attractive.

 

 

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48 minutes ago, Max Power said:

Only £3m of the £50m fund has been given in loans so far. It seems that the Northern Powerhouse fund has made life difficult for the island in attracting new businesses? 

https://www.manxradio.com/news/isle-of-man-news/edf-hasnt-lived-up-to-expectations/

Not a good sign really....

To be honest they might as well re-name it the Steam Packet Fund. They’ll probably get a better return there than investing it in the sad bunch of loser businesses that turned up here and got rejected by the EIS. 

Edited by thesultanofsheight
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If the application paperwork is anywhere near as onerous as the old home improvement grants, it's little wonder there is little to no interest

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Just now, La Colombe said:

Presumably there's £47m left? I'd call that a success. 

Of course it is dear... stick to posting random tunes

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43 minutes ago, Derek Flint said:

Its actually a PR disaster - it looks like even though we are giving money away, nobody wants to do business here. Add to the fact that the UK EIS fund offers fabulous tax relief incentives, and the likes of Scotland and Wales will provide massive support, and its not hard to see why this shouldn't be wrapped up, 'lessons learned' and move on. 

 

I heard most of the applications were shite as they’d been touted round every low level PE house and grant scheme in the UK before they knocked on our door. We shouldn't be obliged to hand money to no-hope shit businesses just to meet political objectives. 

Edited by thesultanofsheight
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5 minutes ago, Max Power said:

Perhaps it would be a good idea to transfer the fund to a scheme to develop tourism and hospitality on the island?

Yes I agree they probably should. I think a few locals are quite angry about this scheme (hence the current noise) as clearly some thought that it would be the same as the last few DED schemes we’ve done - where they got free money off their mates in the DED no matter how shit their business plan was and then it was all hushed up when it went tits up. 

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47 minutes ago, Max Power said:

Perhaps it would be a good idea to transfer the fund to a scheme to develop tourism and hospitality on the island?

Especially as now we're in control of one of the two transport links on and off the island. Although I suspect any attractiveness in fares on the SP would just result in many more of us disappearing off island more often and taking our spending with us. 

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5 minutes ago, mayhem said:

They should consider a National Fibre project to get Fibre into every property on the Island.  Long term it would likely create more wealth and opportunities than EDF

Yeah, free All Bran for everyone. 

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8 minutes ago, mayhem said:

They should consider a National Fibre project to get Fibre into every property on the Island.  Long term it would likely create more wealth and opportunities than EDF

I am struggling to understand how this would have that kind of benefit? If we are not seen as a place that business would invest in for so many other reasons, what advantage would this give us? Genuine question, I'm a bit thick when it comes to IT tech stuff.

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