Isles of Scilly Voucher Scheme

The ultimate goal is to transform the economy of the Isles of Scilly through investments of between £1,000 and £100,000 to SMEs located on the Isles of Scilly. Investments will lead to long term and sustainable business growth including, higher value job creation and an increase in GVA. Investments are likely to be made into the following (non-exhaustive) activities:

  • Access to new markets,
  • Feasibility studies,
  • Consultancy related to growth ambitions,
  • Technology and product design,
  • Environmental measures,
  • Research and development activities,
  • Workspace,
  • Equipment,
  • IT solutions,

In broad terms, the Council of the Isles of Scilly as Voucher Administrator, will be responsible for:

  • Managing the marketing , PR for the scheme to promote the voucher availability and eligibility criteria,
  • Ensuring ERDF publicity compliance with all applicants,
  • Developing proportionate application paperwork and guidance (recognising the different nuances for a research and development application),
  • Manage state aid implications,
  • Assessing the eligibility of applicants,
  • Appraise all projects,
  • Approving, rejecting investments under £10,000,
  • Convene and manage a credible private sector led panel process using the Island Futures Board for investment decisions over £10,000,
  • Contract with the applicant, Processing claims ensuring eligibility and compliance, Linking and signposting to the other business support products as they emerge, Inform the Cornwall and the Isles of Scilly LEP and other interested bodies,
  • Cash flow the Scheme,
  • Evaluate the impact of the voucher

The Council will employ all staff to administer the scheme; the project development officer for the scheme will be based at the Islands Business Partnership which has over 300 members.

For more information visit the Isles of Scilly Voucher Scheme website.

This project is part-funded by the European Regional Development Fund

LogoERDF_Col_Landscape

 

Investment & Outcomes

Investment

  • ERDF – £1,368,652
  • Private match – £881,348

Project Outcomes

  • Business support
  • Business grants
  • Jobs created
  • Private sector match
  • Buildings built or renovated