The IW Lottery has been supporting the Island economy since 2001 and has created and supported hundreds of jobs in the local economy, providing over £1,300,000 of interest free loans to Island businesses.The loans must be creating or sustaining a job and you can borrow up to a maximum of £50,000. Anyone wanting to apply for a loan will need to submit an application along with a business plan and financial data to be assessed. The initial assessment is done by Sharon Whiten, Responsible Person, who will make recommendations for approval to the Company Directors who make the ultimate decision as to whether to lend or not. We have a responsibility to safeguard the loan fund as well as loan money responsibly.

Start-ups can access up to £25,000 and existing businesses can borrow up to £50,000. The amount available at any time depends on current demand and lottery income levels.

No. All Isle of Wight Lottery Business Loans are completely interest free. You only repay the amount you borrow.

Any Island-based business looking to create or sustain a job can apply. Start-ups must complete the required training course before submitting an application.

You’ll need a completed application form, a business plan and supporting financial information. Additional documents may be requested depending on your business type.

Timescales vary based on the strength of your application, fund availability and internal review capacity, but most applications take around two months from submission to decision.

Initial checks are carried out by the Responsible Person. Final decisions are made by the Company Directors, who balance business potential with the need to safeguard the loan fund.

Loans can be used for start-up costs and expansions, providing the funding directly supports the creation or protection of at least one Island job.

Loans up to £5,000 are repayable over two years. Larger loans can be repaid over a maximum of three years.