Isle of Wight Lottery Lends Its 100th Business Loan

Jan 14, 2020

“If you’ve got a great idea and you want to expand your business the Isle of Wight Lottery is the place to go.” Matt Greg, Nosy Design

More than 400 jobs have been created by 100 interest free loans to businesses, thanks to the Isle of Wight Lottery. Since its inception in 2002 the lottery has now loaned £878,000 to more than 90 Island businesses. Newport based marketing business Nosy Design is the recipient of the landmark hundredth loan. Nosy Design is part of a long list of Island businesses that also includes Rapanui, Wyatt & Jack, Ann Ginger Soft Furnishings, Bright Bulb Design, Bump Express, Crossfit Valentis, Greef’s Biltong, West Wight Sports Centre and the Bay Tree Florist, all of whom have been helped with interest free loans from the Isle of Wight Lottery.

“Our interest free loans are brilliant at helping businesses to start up or grow,” says IW Lottery’s Sharon Whiten. “We’re really proud to have helped so many growing Island business to create and sustain Island employment. The Isle of Wight Lottery loans are unique and have all been made possible by our thousands of loyal weekly lottery players. We’d like to thank them for their support for the Isle of Wight Lottery which in turn supports businesses and Island jobs.”

Nosy Design benefits from second IW Lottery loan

“We first borrowed £5,000 from the Isle of Wight Lottery at the beginning of 2019,” explains Matt Gregg, managing director of Nosy Design. “That first loan helped us to get a lot of equipment which allowed us to recruit three more members of staff. We’re now very proud to receive the Isle of Wight Lottery’s hundredth loan as we borrow a further £5,000.”

“Our second loan will help our expansion to larger premises and support our new office decorations and equipment. When you start to recruit new staff then cash flow is affected. Then you’ve got to bring in new equipment and fund refurbishment so the loan has been exceptionally helpful.”

“It was a very smooth process, including a very quick meeting with the lottery panel. It was a pleasure to be a part of it. If you’ve got a great idea and you want to expand your business then the Isle of Wight Lottery is the place to go.”

Did you know..?

  • Isle of Wight Lottery loans are interest free.

  • Repayable over 1-3 years.

  • For any amount between £500 and £50,000.

  • The loaned money has to be used to create or sustain Island jobs.