Enterprise Development Scheme

Summary

A request was made to the Department for Enterprise regarding the Enterprise Development Scheme, specifically asking for total payouts, job creation figures, and fees paid to the scheme manager. The authority disclosed that £3.937 million was invested, 20 jobs were created, and £631,372 was paid to Spark Impact.

Key Facts

• As of 31 December 2018, £3.937 million was invested in businesses through the scheme.
• £85,570.32 was received from businesses as loan repayments as of 31 December 2018.
• 20 new jobs were created as a result of the investment as of 30 November 2018.
• Spark Impact was paid £631,372 excluding VAT for services from March 2016 to January 2019.
• The contract with Spark Impact was terminated on 18 January 2019.

Data Disclosed

• £3.937 million
• £85,570.32
• 20 jobs
• £631,372
• 31 December 2018
• 30 November 2018
• March 2016
• 18 January 2019
• 50 million

Original Request

In relation to the Enterprise Development Scheme, how much has been paid out of the 50 million? How many new jobs have been created? How much was paid to Spark Impact, the Scheme Manager?

Data Tables (1)

Full Response Text

Freedom of Information Co-ordinator 1st Floor, St Georges Court Upper Church Street, Douglas Isle of Man IM1 1EX

Telephone: (01624 685375) Website: www.gov.im/ded Email: steven.tallach@gov.im

Our ref: 690966 30 January 2019

Dear ###

We write further to your request on the subject of the Enterprise Development Scheme which was received on 3 January 2019 and which states:

"How much has been paid out of the 50 million? How many new jobs have been created? How much was paid to Sparks?"

I have detailed below the information that is being released to you.

“How much has been paid out of the 50 million?” As of 31 December 2018, £3.937 million was invested in businesses through the Enterprise Development Scheme. For information, you may wish to note that, as some of those investments take the form of loans, as of 31 December 2018, £85,570.32 was received from those businesses. “How many new jobs have been created?” As of 30 November 2018, 20 jobs had been created as a result of investment from the Enterprise Development Scheme. “How much was paid to Sparks?” The fees for Spark Impact from its appointment in March 2016 to the date of the termination of the contract on 18 January 2019, are £631,372 excluding VAT.

Please quote the reference number 690966 in any future communications. Your right to request a review Page 2 of 2

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I will now close your request as of this date.

Yours sincerely