£600,000 fund opens new opportunities for Island businesses

Isle of Wight businesses looking to invest, expand and create jobs are being encouraged to take advantage of a new £600,000 funding programme offering capital grants of up to £50,000.

The Isle of Wight SME Fund, previously known as the Rural SME Fund, has been expanded to make support available to eligible small and medium-sized businesses across the Island. Funded through the Solent Growth Partnership, it is designed to help businesses overcome barriers to growth by supporting capital investment projects that create or safeguard jobs and attract additional private sector investment.

The funding comprises £400,000 available Island-wide and a further £200,000 specifically for Ryde businesses, including £100,000 from Ryde Neighbourhood Board.

Grants of between £5,000 and £50,000 are available, with businesses required to contribute at least 50 per cent of the overall project cost themselves. Funding can support projects which improve productivity, introduce new products or services, access new markets or improve quality standards, but cannot be used for everyday running costs including salaries, rent, utilities, stock or raw materials.

The first application window closes at 5 pm on 31 December 2026. Businesses considering applying are encouraged to act early and ensure any necessary planning permissions, licences or consents are in place.

Application forms and full guidance are available from Innovation Wight, or businesses can contact the Isle of Wight Council Economic Development team at charlotte.chapman@iow.gov.uk for further information.