The States Assembly agreed yesterday to establish a £50 million Fiscal Stimulus Fund to support Jersey’s economic recovery.
The fund, which is part of the Fiscal Stimulus Package announced in July, will be available in two tranches of £25 million each. Applications for the first tranche of funding will open on Friday, 20 November.
Government departments, arms-length organisations, and not-for-profit organisations can apply for funding towards projects that aim to stimulate the economy. This could include projects which:
- support employment
- support business
- develop skills training
- improve infrastructure and property
- maintain and/or improve productivity
Those applying for funding should also ensure that their projects aim to reduce the fall in employment and output in the short term and reduce the damage to the economy in the long term.
The Fiscal Stimulus Fund is intended to provide funding on a timely, targeted, and temporary basis. This means that funding is only available for projects which are small-scale (worth less than £5 million), and which are agile (expect to be completed by December 2021).
Organisations wishing to apply must go through a five-stage process:
- The organisation will submit an Expression of Interest before 31 December 2020, using the online form, which will be available from Friday 20 November
- If the Expression of Interest is accepted, the organisation will submit a full Business Case before 31 January 2021
- The Fiscal Stimulus Oversight Group (FSOG) will review the business case and provide a recommendation
- The FSOG recommendation will be reviewed by the Economic Recovery Political Oversight Group (ERPOG) and the Corporate Services Scrutiny Panel (CSSP) and they will provide comment
- The Minister for Treasury and Resources will then consider the recommendations and comments of each group and decide which applicants will receive the funding in the form of a grant.
Minister for Treasury and Resources, Deputy Susie Pinel said: “A strong economic recovery will be grounded in sustainable jobs and a robust business environment. The Fiscal Stimulus Fund will allow the Government to support departments, businesses and the third sector in developing innovative projects that will add value over the coming year.”
Senator Lyndon Farnham, Minister for Economic Development said: “The Fiscal Stimulus Fund will help us future-proof Jersey’s economy by opening up investment in jobs, skills training, and businesses.”
“This year has been financially challenging for most organisations, and this Fund could provide eligible projects with the capital they need to help the Island bounce back.”
More information, and the Expression of Interest online form, will be available on the Government of Jersey website at http://www.gov.je/FiscalFund from Friday 20 November.
Government of Jersey News Release.