Jersey’s States Assembly agreed, on 26th November 2020, to establish a £50 million Fiscal Stimulus Fund (FSF) to support Jersey’s economic recovery.
The fund, which is part of the Fiscal Stimulus Package announced in July 2020, will be available in two tranches of £25 million each. Applications for the first tranche of funding opened on 20th November. The FSF has now opened its second tranche of funding for applications. £25 million of funding is available for projects that aim to stimulate the economy, to help the Island recover from the impact of COVID-19.
Not-for profit organisations, Government departments, and arms’ length organisations (such as Digital Jersey, Jersey Business and Jersey Finance) can apply for funding for projects that are small-scale (worth less than £5 million) and which are agile – meaning that they are due to be completed by December 2021.
Eligible projects could include those which support employment or businesses, develop skills training, improve infrastructure and property or maintain and/or improve productivity.
To apply, applications must go through a five-stage process:
- The organisation will submit an Expression of Interest before 31 January 2021, using the online form
- If the Expression of Interest is accepted, the organisation will submit a full Business Case by 28 February 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
Expressions of Interest for the first tranche of FSF funding, also of £25 million, closed on 31 December 2020. A total of 92 applications have been made for projects and tranche one is currently over-subscribed.
The appraisal process will begin by reviewing the eligibility of Expressions of Interest against the terms of reference. Eligible applicants will then be asked to complete a more detailed business case, which will inform the recommendation for funding. The results of this appraisal for the first tranche of funding will be announced in early March.
Minister for Treasury and Resources, Deputy Susie Pinel, said: “The States Assembly has specifically ringfenced this money to invite applications for small-scale projects that can be completed by the end of 2021 and have a direct effect on the economic uplift.
“I am delighted with the response to this fiscal stimulus initiative and I hope that we will see a good uptake for the second tranche. We want to encourage applications for projects that will help our Island recover from the pandemic and I know I can count on Jersey to bring forward innovative and relevant ideas and initiatives.”
Two new independent members have been appointed to the Fiscal Stimulus Oversight Group (FSOG), and will support it in reviewing the businesses cases received:
- John Refault, former Constable of St Peter and currently director of two local companies and Chairman of the Board of two Jersey Chairites
- Amy Bryant, Deputy Chief Executive of Jersey Finance, and Council Member of the Jersey Good Business Charter
More information is available on the Government of Jersey website here.
As an eligible body to apply for funding, Digital Jersey is inviting its members to come forward with ideas on how best digital can play its role in our economic recovery.
Example projects could include those that support employment, business, skills training, infrastructure and productivity. The funding is only available for projects which are worth less than £5 million and can be completed by December 2021.
If you are a Digital Jersey member, please get in contact with James Linder on email@example.com with your ideas.