ESH administers the Economic Development Fund (EDF) with the objective to support business development on St Helena, as well as the development of entrepreneurial skills on the island which is also supported by the Department of International Development (DFID). Grants are available across all sectors of the economy for local entrepreneurs, and existing business that are looking to develop profitable areas of their business.
Development Project Grants can assist new or existing businesses with business plan preparation, planning application requirements, complex proposals (e.g. tenders) for medium to large contracts, marketing advice including packaging and branding, business financial and administration systems including payroll and HR policies, website design and implementation, equipment, fixtures and fittings, technology hardware and software. Also where projects demonstrate innovation (for St Helena) and/or are projects that promote reduced levels of carbon consumption and promote environmental sustainability. ESH will grant fund at 75% of the total cost of the project, up to a maximum of £7,500 (with exception of Hire for Reward items which is 25% of the total cost of the hire items only up to a maximum of £7,500).
Skills Development Grants are available to fund skills development programmes, geared for business owner and employees looking to expand their personal or business offering. This grant is also available to assist with the cost of training courses, either offered locally or overseas. ESH will grant fund at 75% of total cost of course, with the minimum amount of £500.00 up to a maximum of £5,000.00.
The Youth Start-Up Loan is targeted at 16 to 26 year olds interested in starting up a business; it is intended to be as flexible as possible in meeting the needs of the young entrepreneur. This loan is up to £2,000 at an interest rate of 1%, a subsequent Youth Loan up to £3,000 at an interest rate of 3% is also available on completion on the first loan facility.
ESH can also facilitate a business loan however, the first place of call for any local businesses wishing to take out a loan is the Bank of St Helena. If the approach to the bank is not successful on the basis of risk, and if there is still a robust business case, ESH may be able to assist you, providing that you can demonstrate that you do not have access to any alternative source of finance. The minimum loan amount is £1,000.
Loans are repaid with interest which is set at 1% above the prevailing rate of commercial loans from the Bank of St Helena, which would make our current interest rate 7%. Annual repayments for business development loans will be calculated based on the business’s ability to service the loan and the estimated useful life of the asset. Depending on the business case security may be required. In most cases the maximum period that will be allowed for repayment is the estimated useful life of the asset or 10 years, whichever is earlier.
Click Here to download more information about applying for ESH financial assistance.
Click Here to download an application form for financial assistance.
Click here to download an application form to take part in the youth start up programme.
Clink here to download more information on ESH Grants Policy
Click here to download development projects grants requirements and application info
Please contact the Business Development Team on the following contact details:
Martin George firstname.lastname@example.org
Ryan George email@example.com
Mandy O’Bey firstname.lastname@example.org
Delia Du Preez email@example.com