The Isle of Wight Lottery was launched in 2001 and is the first lottery in England to be developed specifically to create employment opportunities. The Lottery is promoted by The Isle of Wight Opportunity Society Limited, which is operated on a strictly "non-profit" basis. 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.
Since its inception, the IW Lottery has loaned to over 68 companies and created thousands of jobs. All recipients must have completed the start up training provided by the IW Lottery. Following receipt of the loan businesses are mentored for the duration of their repayment and business advice is always on hand. Due to the independence of the IW Lottery it is able to offer businesses flexible terms for repayment according to seasonality or cash flow issues.
The Isle of Wight Lottery 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 offered within the Lottery and each application is considered by an independent panel of local business people.
For a Lottery loan application pack please call 01983 529888.
New Business Start Up Business Seminars
The IOW Lottery offers new businesses the opportunity to take their ideas from paper into practice. A free one day business seminar is available for people who are starting a business. Get the tools you need to take your idea from the drawing board to the real world.
To book on the course, go to www.barclays.co.uk/seminars then go to the Start-up seminars tab - click on ‘find out more', then ‘Book Online', ‘Select Location' which is ‘Isle of Wight, Newport' and then register.