Isle of Man urban regeneration scheme receives £1m boost

The scheme was originally set up in 2009

A regeneration scheme has been given a £1m boost to help the Isle of Man recover from the coronavirus pandemic.

Grants to help businesses revamp their properties will be increased to £25,000 and funding for local authority public buildings will rise to 80%.

The money will also be available to projects island-wide rather than only town and village centres for one year.

Enterprise Minister Laurence Skelly said the extra money would help to "reinvigorate" the Manx economy.

The funding has been allocated by the Economic Recovery Group - the body responsible for getting the island's economy back on its feet following the worst months of the pandemic.

Many of the island's town and village centres saw a sharp drop in footfall between March and June as a result of restrictions in place.

The scheme aims to improve the quality and appearance of buildings on the island, and any business, charity or local authority can apply for funding towards projects including enhanced access, lighting, signage, seating and public art.

In February's budget, Treasury Minister Alfred Cannan allocated £250,000 in funding for projects under the scheme.

That figure has now been increased by £1m.

Currently grants are capped at £10,000 for businesses and 50% of the project cost for local authorities.

Chris Thomas MHK raised concerns about the money being "spent all over the place on all sorts of things".

But Mr Skelly said the scope had been "purposely widened" as previous boundary lines around town and village centres posed "heavy restriction" and had "not necessarily been beneficial" to the areas.

Mr Skelly told Tynwald: "We understand that these changes alone will not solve the problem that many businesses are facing. However, this is one measure that will help."

The changes will remain in place until October 2021.