Alderney start-up funding increased to £20k

The States of Alderney has increased its funding support for new small businesses from £2,000 to £20,000 in an attempt to drive local investment in the island's economy.

The government said the changes to the Small Business Support Scheme were agreed on 20 April after it saw "limited uptake and economic impact" since its introduction.

Start-up businesses, existing businesses, and those considering relocating to Alderney could apply for the grants or loans on a matched funding basis, officials said.

The States said the revised scheme was designed to provide a "stronger incentive for businesses to invest in Alderney, while ensuring that public funding delivers measurable economic benefit".

The Economic Development Committee agreed to changes, which were endorsed by the island's Policy and Finance Committee.

The scheme would have an annual budget of up to £50,000 which would be drawn from Economic Development Reserve Fund, officials said.

The States said: "Funding agreed under the scheme will be available to support costs including infrastructure, equipment and developmental costs.

"It will not be available to meet routine operational expenses or expenses already incurred.

The States of Alderney said all applications would be required to demonstrate "clear alignment with current States priorities".

"Applicants will also be required to provide relevant business documentation and evidence of the expected economic benefit," it said.

"As a condition of funding, successful applicants will be subject to ongoing monitoring for a defined period.

"This will enable the States to assess the impact of the scheme and ensure that funds are used for their intended purpose."

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