Lottery Business Loans

The IW Lottery has been supporting the Island economy since 2001 and has created and supported hundreds of jobs in the local economy, providing almost £700,000 of interest free loans to Island businesses.

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. It was set up specifically to assist entrepreneurs who have had difficulty accessing finance through traditional methods. The Lottery generates a Loan Fund which is available for island entrepreneurs to borrow interest free to either start or expand their business. Criteria for the loans are that it must be creating a job and the amount of the loan is up to 50% of the total project’s cost with a minimum of £2,000 and a maximum of £25,000 available. Loans may be applied for on completion of the start up training course (Good Cause Two) and all loan applications are assessed by an Investment 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. If successful the loan recipients will be allocated their own business advisor who will be available to mentor them and offer them business advice free of charge for the duration of their loan.

For a Lottery loan application pack please call our offices on 01983 529888.

The second Good Cause is our Start Up Your Own Business Course and ongoing mentoring programme delivered by the IW Chamber of Commerce “The Voice of Island Business”. These courses are for the IW Lottery Loan recipients as well as any other island entrepreneurs looking to set themselves up in business. If you are interested in coming on one of our free one day courses you will find all the dates of our courses and the link for booking on the course in the Start Up Tab.

The overall aim of both of these good causes is to Support Island Business and together create and sustain Island jobs.

Island businesses helped by Isle of Wight Lottery Loans

Island Business April 2020

Island Business April 2020

Events

august

26aug7:30 am8:30 amTea & Toast Networking - from home

27aug9:30 am12:30 pmBusiness Start Up Course

27aug9:30 am12:30 pm50 Plus Start Me Up - Free Business Start Up Course

28aug10:00 am11:30 amHow to sell your business in 60 seconds on a video call - with Nosy Marketing

september

10sep1:30 pm2:30 pmBCC Webinar: In conversation with....Ambassador Woody Johnson

22sep8:30 am9:30 amBCC Webinar: In conversation with....Andrew Bailey

24sep12:00 pm1:30 pmUpdate on the UK economy from Florence Hubert, Bank of England Deputy Agent for Central Southern England

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