The Isle of Wight Lottery is governed by the Gambling Commission which requires the lottery to contribute a minimum of 20% of its gross proceeds to a Restricted Good Causes Fund. The Isle of Wight Lottery has two Good Causes.
Our first good cause is Island businesses that need funds to help them grow and create or sustain jobs. The Isle of Wight Lottery provides interest free loans to new and expanding businesses. The lottery was established specifically to assist entrepreneurs who have had difficulty accessing finance through traditional methods. The lottery's Loan Fund offers interest free loans to Island entrepreneurs who can borrow up to £50,000 to invest in their business provided that the expansion will create jobs or sustain employment.
Our second good cause is the work that the Isle of Wight Chamber does to support new and growing businesses on the Island. The Chamber helps to nurture new start-ups and newly self-employed people by providing opportunities and advice, regardless of whether the businesses are Chamber members or not. With free-to-attend courses designed to help you Start Your Own Business and one-to-one mentoring the Chamber provides a unique “first step” for fledgling businesses. The Chamber’s Expo is the biggest business networking event of the year and it is free to attend for all businesses, providing a crucial opportunity for new start-ups to engage with the wider business community. The Chamber’s Island Business magazine also covers businesses of all sizes and sectors.
By playing the Isle of Wight Lottery you are helping to support Island businesses, protecting local jobs and helping to create new opportunities and employment. By providing interest free loans to businesses along with a package of free-to-access opportunities, the Isle of Wight Lottery and the Isle of Wight Chamber of Commerce offers a unique helping hand to local businesses. In these challenging times it's a definite win for everyone.
Sep 27, 2022
“The IW Lottery loan gave us the confidence to step up” Brightbulb Design’s new era of rapid growth and expansion was kickstarted by a £20,000 loan fr...
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Sep 06, 2022
Smile! The IW Lottery helps the Island Photo Company to grow with a £15,000 interest free loan Island photographer Robin Crossley is expanding his bus...
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Dec 10, 2021
Mark Rooney runs 4D Sports, a community multi-activity sports club on Newport Quay, a short stroll from Jubilee Stores. He offers the only indoor roll...
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Mar 26, 2021
New training, new equipment, a more flexible approach to business and a brand new refrigerated trailer: how Vectis Refrigeration has grown with the su...
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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 j...
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Jul 05, 2019
Driving Success: IW Lottery Helps Bump Express & CNC Coatings To Grow With Major Loan Island businessman John Nightingale has been able to invest ...
Continue ReadingThe IW Lottery has been supporting the Island economy since 2001 and has created and supported hundreds of jobs in the local economy, providing over £1,000,000 of interest free loans to Island businesses.
The loans must be creating or sustaining a job and you can borrow up to a maximum of £50,000. Anyone wanting to apply for a loan will need to submit an application along with a business plan and financial data to be assessed. The initial assessment is done by Sharon Whiten, Responsible Person, who will make recommendations for approval to the Company Directors who make the ultimate decision as to whether to lend or not. We have a responsibility to safeguard the loan fund as well as loan money responsibly. For an application form please call us on 01983 529888 or email lottery@iwchamber.co.uk
