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WRITTEN QUESTION TO THE CHIEF MINISTER
BY DEPUTY S.Y. MÉZEC OF ST. HELIER ANSWER TO BE TABLED ON MONDAY 30TH JANUARY 2017
Question
Is the Chief Minister aware of any businesses which applied for loans or grants from the Jersey Innovation Fund and which had their applications rejected, but which have since gone on to establish themselves as a stable business making profit and employing people in Jersey?
Answer
A record of all applications to access the Jersey Innovation Fund (JIF) was maintained. This shows that 51 applications were received, 7 approved, 35 rejected and 9 withdrew. A further 19 enquiries were made but did not reach the application stage.
There was no subsequent monitoring of applications that had not been approved.
The JIF is just one element of supporting innovation in Jersey. Advice, support and signposts to alternative funding is available for start-ups and businesses through a wide range of agencies such as Jersey Business, Digital Jersey as well as numerous private sector organisations, all of whom play an active role in matching sources of business finance with seekers of finance.