Jersey minister opens investment fund to small business

Small businesses will be able to apply for a grant to help them grow, under plans unveiled by Jersey's Treasury Minister.

Senator Philip Ozouf wants to change the rules on who can apply for money from the new Innovation Fund.

The £5m government-backed fund was set aside to help companies invest in expanding their business.

Under the minister's original plans, only larger companies would have been been considered.

After listening to a scrutiny panel which reviewed the plans, Senator Ozouf has lodged an amendment allowing businesses in any sector to apply.

The maximum that a company can get is £500,000 while the previous minimum of £20,000 has been removed so that smaller organisations can ask for help.

Senator Ozouf said the idea behind the scheme was that it would kick-start investment in Jersey, and lead to the creation of more jobs.