Jersey Innovation Fund ready to receive applications

A job creation fund has opened for business in Jersey, meaning companies can now apply for up to £500,000.

States members voted in May to set up the Jersey Innovation Fund, which will make £5m available to entrepreneurs.

Economic Development Minister Alan Maclean said the fund was "an important element of government's commitment to support growth and diversification".

Applications for the first round of funding must be received by 17:00 GMT on 13 December.

There is no minimum amount for which businesses can apply.

The fund's board will consider all applications before deciding which ones should be recommended to the minister for support.

High unemployment

The board consists of representatives from the Economic Development, Chief Minister's and Treasury and Resources departments, along with four newly appointed non-executive directors.

Entrepreneur Aaron Chatterley, accountant Dave Allen, banker Peter Shirreffs and Tim Ringsdore from telecoms company JT will join non-executive chairman Tim Herbert.

Senator Maclean said: "They all have first-hand experience of what it takes to start and develop a successful business and between them they have worked in every business sector."

The latest labour market report by Jersey's States Statistics Unit, published in June, showed the highest unemployment level since records began.

There were 3,200 unemployed, which was 5.7% of the total workforce.

The finance sector accounted for 12,400 (22%) of those in employment.