The contract for the provision of training services for the Department for Enterprise’s highly successful Micro Business Grant Scheme (MBGS) has been awarded to University College Isle of Man (UCM). Last year, the MBGS trained 160 individuals and helped create a record number of 88 new businesses.
The Scheme, designed to give start-ups and early stage small businesses mentoring and financial support of up to £6,000, also includes an extensive business training course. The training helps applicants consider their business idea, determine the viability of the business and develop their business plan.
Laurence Skelly MHK, Minister for Enterprise, commented:
'We are delighted to be working in partnership with such a prestigious and reputable education provider. We believe the UCM team are fully committed to providing course participants the best learning experience possible. The UCM training model covers all the key components that applicants need to start a business.
As part of the review of all our Enterprise Support schemes we listened to previous MBGS attendee feedback and believe our new training model provides more options and flexibility to applicants, particularly those currently in employment who are looking to take their first steps into self-employment. We look forward to seeing these businesses flourish, while contributing to economic growth and job creation across the Isle of Man.’
The training course includes a range of topics and business activities including cash flow forecasting, tax and VAT issues, marketing research and planning, legal requirements, customer relations, premises, and employee management. The UCM course will be supported by a range of specialists, including chartered accountants, marketers and lawyers, and will also include guest speakers from a range of successful Isle of Man entrepreneurs.
Jo Pretty, Principal at UCM commented:
‘We are delighted to have been chosen as the training provider for the Micro Business Grant Scheme. This is a fantastic opportunity for UCM and the Department for Enterprise to support the development of new small businesses and entrepreneurship across the Island. We hope training will provide the business acumen and necessary skill set needed to get applicants businesses off the ground.’
Approximately 21 hours of training is provided via the Scheme and is split into two parts. Training courses are available as a series of Mornings, Twilight or Weekend Plus sessions, located at the UCM’s satellite education site, The Nunnery Estate, Douglas.
UCM has served the further education and training needs of the Island’s community for over 100 years and offers Higher and Further Education courses across a range of subject areas including business and finance, art, construction, Information & Communication Technology and much more.
For more information on the Micro Business Grant Scheme, please visit www.iomdfenterprise.im/micro