£50 million to assist new business on Island
Tynwald has approved the Enterprise Development Scheme.
It will alllow for the setting up of a £50 million fund to provide grants, loans and equity investment to new start-ups on the Island and businesses wishing to relocate here.
The Department of Economic Development believes it will assist the growth of the Manx economy over the next five years.
After lengthy debate, the motion moved by DED Minister Laurence Skelly was passed with 20 votes for and 3 against in the House of Keys and 9 for 0 against in the Legislative Council.
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