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 Business January/February 2020

Island Business January/February 2020

Events

february

20feb9:30 am4:00 pmOne-Day Business Start Up Course

20feb9:30 am4:00 pm50 Plus Start Me Up - Free One-Day Business Start Up Course

26feb10:00 am12:30 pmBasic Facebook and Instagram Advertising Workshop with Saltwater Social

27feb9:30 am10:30 amThe Benefits of Joining the Isle Of Wight Chamber

march

05mar9:30 am12:30 pmThe Subtle Art of Delegation with Alex Tana

06mar7:30 am9:30 amBusiness Breakfast at Newclose Cricket Ground

09mar10:00 am3:00 pmBrilliant Blogging to Boost Business with The Magpie Anthology

17mar7:30 am9:30 amTuesday Tea and Toast Networking - Slug & Lettuce

17mar9:30 am12:30 pmUnderstanding the Difference between a Logo and a Brand – with Nosy Marketing

25mar9:00 am5:00 pmMental Health at Work Course - Good Skills Training Ltd

26mar9:30 am4:00 pmOne-Day Business Start Up Course

26mar9:30 am4:00 pm50 Plus Start Me Up - Free One-Day Business Start Up Course

26mar6:30 pm9:00 pmEvening Networking at Caffe Isola

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