Applications open for the first part of £50m Fiscal Stimulus Fund

Applications for the first part of a 50 million pound funding package open in Jersey today. Government departments, arms-length organisations, and not-for-profit organisation can apply. It is hoped the funding will stimulate the economy and reduce the fall in employment.

What is the Fiscal Stimulus Fund?

The government has set up £50 million pot of funding, as part of a package of measures designed to boost the economic recovery from Covid-19 at a faster pace.

This money will go towards small projects to support local businesses and employment, which not-for-profit organisations, States Bodies and arms-length organisations can now bid for.

Funding will be capped at £5 million per project and the treasury says each application will have to satisfy the '3 T's':

• Timely: Projects should have 'realistic and credible plans' to be delivered by the end of December 2021 and ideally, should be completed within six to nine months of the date the funding is approved.

• Targeted: To gain funding, projects must support employment and activity in the island, provide assistance to those who have been most impacted by economic downturn or have an 'intrinsic benefit' to the island.

• Temporary: There should not be any long-term financial implications for the States and proposals should not contain commitments to ongoing or recurring costs.

£25 million of the funding will be available for projects from November 2020, with a second tranche of funding available for applications from February 2021.

The programme will be overseen by a Fiscal Stimulus Oversight Group.