Isle of Wight businesses in need of financial support should look at two new funding streams says MP Bob Seely.

Mr Seely - who has been in regular contact with the Isle of Wight business community since the beginning of the Covid-19 pandemic - said there are grants and loans available for Island businesses to access, but they need to get their applications in quickly. 

The first to be highlighted by the Island’s MP was a £5,000 grant scheme available for companies that had not received any other cash grant exceeding £1,000 from the Government in relation to Covid-19.

Mr Seely said the grants were designed to help small businesses through the Covid-19 outbreak – and Isle of Wight businesses only had until Sunday (21 June) to apply.

The second funding stream promoted by the MP was a loan scheme - provided by the Solent Local Economic Partnership - offering between £100k and £1.5 million loans for businesses in need of help.

He said the ‘Restart, Restore and Recover’ loan fund was for businesses either waiting for Government support to come through, those unable to access Government support, or those needing further help to deliver their recovery plans. Applications would be accepted until all the funding has been allocated, or until 31 August, whichever is the soonest.

Mr Seely said: “I know there are businesses out there who are struggling and need support at this time. I want to make sure that Isle of Wight businesses are made aware of all financial support available.

“I encourage Island businesses in need of support to take a look at these funding streams, and to do so quickly, so they don’t miss the opportunity to apply.”

He said further information on the schemes could be found here: