Isle of Wight Lottery Business Loans
Interest free finance for budding entrepreneurs!
Get support from the get go! Apply for an Isle of Wight Lottery loan today!
The Isle of Wight Lottery is the first lottery in England to be developed specifically to create employment opportunities. The Lottery is promoted by The Hampshire and Isle of Wight Opportunity Society Limited, which is operated on a strictly “non-profit” basis. The lottery is governed by the Gambling Commission which requires the lottery to contribute a minimum of 20% of its gross proceeds to a Restricted Good Causes Fund.
The Isle of Wight Lottery has two Good Causes. The first is providing interest free loans to people starting up in business or looking to expand. The emphasis being creating or sustaining Island jobs for Island people. The second is the free Start Up Your Own Business Course we run here at the Isle of Wight Chamber on a monthly basis.
The IW Lottery has been supporting the Island economy since 2001 and has created and supported hundreds of jobs in the local economy, providing in excess of £1,200000 of interest free loans to over 100 Island businesses. Helping to create over 430 jobs.
You can borrow up to a maximum of £50,000 interest free from the Isle of Wight Lottery Loan fund to start-up or expand your business as long as the loan is creating or sustaining a job.
You can borrow up to £5,000 over a period of up to 2 years, or up to £50,000 over a period of up to 3 years.
Loans may be applied for on completion of the start-up training course and all loan applications are assessed by a Panel and if approved they are provided on an interest free basis to both start-up and expanding Island businesses, thereby enabling them to create new jobs.
For an Isle of Wight Lottery Loan application pack please contact the office on 01983 529888 or lottery@iwchamber.co.uk
Island Business November / December 2023
