Financial support schemes for tourism industry extended

Three financial support schemes aimed at supporting travel and tourism businesses affected by Covid-19 are being extended.

The Department for Enterprise has announced the Strategic Capacity Scheme (SCS), Coronavirus Business Support Scheme (CBSS), and Financial Assistance Scheme (FAS) will now run until March 31, 2021.

Officials say the move is to assist organisations in the travel and tourism sectors which are being affected by the border closures ahead of the upcoming 'off-season' period.

The Strategic Capacity Scheme has been supported with a further £4.5million as part of the Isle of Man Government’s Economic Recovery Fund.

The updated initiative and subsequent round three funding will provide financial support to eligible accommodation businesses to cover the period October 1 this year to March 31 next year.

The round three funding provides support for all eligible premises, regardless of their star rating.

Meanwhile, the third round of the Coronavirus Business Support Scheme offers financial support to eligible self-employed applicants in the form of a grant of up to £3,000.

Eligible applicants for that must operate within the Travel and Tourism sector, gaining more than 50% of their annual income from outbound or inbound Travel and Tourism activities, and must be able to demonstrate that the ongoing border restrictions have caused a 50% reduction in turnover.

Elsewhere, the Financial Assistance Scheme is available for broader Travel and Tourism related sectors that derive a significant majority of their revenue from inbound visitors, or leisure and business travellers both to and from the Island and have staff members.

Those who qualify under this scheme can apply for up to 50% of residual salaries and overheads, and must be able to demonstrate a reduction in turnover of 25% or more.

Enterprise Minister, Laurence Skelly MHK, says: "We recognise that the Travel and Tourism Industry remain severely impacted by the continuing situation, and will be for some time. 

"The latest round of support has been made available to ensure the Island retains its strategic capacity with the accommodation sector and is positioned for recovery when the Island emerges from the pandemic.

"Businesses within the industry provide services to our residents as well as visitors and we must ensure they receive the support needed to continue operating for the benefit of all."

Anyone wanting to apply for phase three of funding under the Strategic Capacity Scheme or Coronavirus Business Support Scheme will be able to do so from this Thursday (October 1) on the Department for Enterprise website.