MercoPress. South Atlantic News Agency

Falklands new funding for businesses to grow sustainably and environmentally

Thermal Grants will be facilitated to both business owners and domestic property owners. For business owners FIDC will part fund up to 50% of costs up to £4,000 to install a renewable heating system

The Falkland Islands Development Corporation (FIDC) unveiled recently a new suite of loan and grant options to enable Falklands businesses to grow in a sustainable way and with the environment in mind.

Among the set of grants is a new scheme which provides up to £5,000 to support the purchase of an electric vehicle for commercial use.

There are also a number to provide administrative and growth support; including:

• Small business support grant to aid business start-up, growth or development for local businesses with 5 or less employees, of up to 50% of project cost up to £5,000

• Business development grant to allow local businesses to take advantage of new opportunities or make their businesses more competitive or environmentally sustainable via training or certification. Up to 50% of cost up to £5,000.

• Professional fees Financial assistance to access support from skilled professionals to aid development of a business or business proposal. A grant of 50% up to £500.

A notable change in property improvement support includes the extension of Thermal Grants to both business owners and domestic property owners.

For business owners FIDC will part fund up to 50% of costs up to £4,000 to install a renewable heating system. They will provide the same support package for businesses seeking to improve the thermal efficiency of their premises.

For homeowners support of up to 50% of costs up to £2,500 is available for either installing a renewable heating system or for improving thermal efficiency.

Additional support is available for residential properties to have existing electricity installation improved, tested and certified by a qualified electrician. These grants are for 100% of an electrical safety check, 75% up to £750 for new materials, and 25% up to £200 for skilled labour.

A number of grants are also available for supporting rural infrastructure, including

• Developing Camp Water Systems Grant to improve basic water supplies ion camp for domestic and business usage. Paying 50% of up to £2,000 per annum. A maximum of 5 years funding can be applied for in any one application.

• Rural Energy Grant for the purchase of a 24-hour power system that incorporates a renewable energy source. Grant of 60% towards covering the cost of a battery bank, an inverter and their installation (including testing). Grant of 60% is available for covering the cost of the renewable energy technology and its installation.

• Rural energy additional generation grant. Financial assistance to rural businesses and primary domestic residences that have previously benefitted from the Rural Energy Grant and have grown, or want to grow, but are restricted by the size of their energy systems or additional cost of running a diesel generator. This is for the purchase of a renewable energy source, in addition to the system already in place. Grant of 50% up to £2,000.

Loans

• Business loans to aid start-up, purchase or development of a business. Up to 90% of costs

• Green loans for energy saving retrofits, low carbon heating measures, waste management improvements, electric vehicles, training and other works. Up to 90% of costs capped at £20,000 per business application or £10,000 per personal application