The Isle of Wight Expansion Fund
The IOW Expansion Fund has been established to support businesses that operate on the Isle of Wight.
Funding is available for private sector enterprises to start up new activities, expand or diversify. A total of £2.46 million is available to businesses either based on, or moving to, the Isle of Wight. Businesses in any sector can apply for funding, however the LEP is particularly keen to encourage applications from businesses operating in marine, maritime, advanced manufacturing, composites engineering, low carbon and the visitor economy.
Bids can be in the range of £100,000 – £500,000, and for state aid purposes, the amount requested from the Fund must constitute no more than 20% of the total project value. The aim of the fund is to unlock private sector investment thereby creating or safeguarding sustainable private sector employment. Funding is allocated on a competitive basis and those projects which leverage the most private sector investment and create and/or safeguard the most jobs will be successful.
This fund is now open for applications.
The Isle of Wight Council have allocated a 14.7 hectare site to the south of Nicholson Road in Ryde to deliver a mix of primarily smaller scale B1 and B2 employment related uses.
The Council wishes to build on the success of the current provision at Ryde Business Park and extend the range of small scale B1 and B2 use facilities. The site is under Council ownership and has confirmed that it will bring the site forward early in the Core Strategy plan period.
Ryde Town Council has contacted the Isle of Wight Council to ask for an update on the progress of bringing this site forward.
If you are an employer wishing to relocate to Ryde or an employer who wishes to expand within Ryde then please contact firstname.lastname@example.org to discuss how Ryde Town Council may be able to support you in this process.