A public consultation and the appointment of private investment managers are the first steps in the creation of a new government fund for businesses.

Tynwald approved plans for a ?50million 'enterprise development fund' to help fledgling businesses, which are described as having between one and 10 employees, the expansion of small to medium businesses, and a relocator element to encourage medium to large firms to relocate to the Isle of Man.

Economic Development Minister Laurence Skelly said: 'The intention of the proposed Enterprise Development Fund is to create lasting new jobs in Isle of Man-based companies and to future-proof our economic base. This is a key element of delivering ‘Enterprise Isle’, which was highlighted in Government’s Vision2020 strategy.

'May I encourage everyone and particularly local businesses to review and respond to the consultation, either directly or through their relevant industry body.'

Meanwhile, the Treasury is advertising for private investment managers to operate the fund.The consultation paper is available online from today at www.gov.im/consultations.gov

The consultation closes at 12noon on Thursday September 3.

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