Falkland Islands Development Corporation is providing a wide range of support to businesses who have been impacted by COVID-19 in response to the difficulties posed by the pandemic.
Specific FIDC support includes, but may not be limited to the following:
COVID-19 Business Grant Relief Scheme-
Businesses whose proprietors or employees are required to self-isolate or stay at home or who are affected by the self-isolation of others may be entitled to support under the Employment/Self-Employment Support Scheme, details of which are available at www.fig.gov.fk/covid-19.
Those in self-employment (including sole traders, partnerships, casual workers and others) who have experienced a significant decline in business sales but who are unable to access support under other schemes, may be entitled to have their net earnings supplemented under the Income Supplement Scheme, details of which are available at www.fig.gov.fk/covid-19.
FIG (acting via FIDC as its Scheme Administrator) is offering grants to assist them to discharge certain fixed costs pursuant and subject to the Business Grant Relief Scheme. The scheme is administrated and operated by FIDC who will receive and assess applications for grants, which are listed below:
Small Business Grants- available to micro and small-sized businesses operating in any economic sector or market in the Falkland Islands. In order for an application for assistance to be considered, the following conditions must be met:
- Annual turnover of less than £500,000
- Must have experienced a significant reduction in their monthly revenue as a result of the economic effects of the pandemic.
HHSW Grants- Hospitality, human health and social work sector grants (HHSW Grants) are available to micro, small and medium-sized businesses which conduct a qualifying business who operate in the relevant sectors and have:
- An annual turnover of less than £1,000,000
- Experienced a significant reduction in their monthly revenue as a result of the economic effects of the virus.
The grants schemes have been intended for those who have received a significant reduction in their revenue as a consequence of COVID-19 provided that they are eligible as determined by FIDC for the following businesses:
(i) in the case of a sole trader, the owner of the business;
(ii) in the case of a partnership, the management committee (by whatever name called);
(iii) in the case of a company, the board of directors;
(iv) in the case of a charity, the board of trustees; and
(v) in the case of any other body, the managing committee or other ruling body.
For the Business Grant Relief Scheme application form, further information and guidance on completing your application, use the links below:
Or by post to:
Falkland Islands Development Corporation,
Deferred Payment Loan Scheme-
The Falkland Islands Development Corporation’s mission is to encourage and assist in the economic development of the Falkland Islands. To meet this end, FIDC is able to provide loans to local businesses to assist them in meeting their objectives.
This scheme will allow tourism accomodation providers to borrow up to £50,000 for capital investments with an interest free, three-year repayment deferral period. The ceiling on loans is normally 90% of the total required, although in exceptional circumstances we are able to consider approving up to 95%.
In order for an application for a loan to be considered, the following conditions must be met:
- The proposal helps FIDC meet its aim;
- The loan is for business purposes;
- The applicant is a registered accomodation provider under the TRIP scheme;
- The loan is for projects that will improve the quality of accomodation and facilities for registered accomodation providers;
- A completed signed application form has been received.
The Falkland Islands Development Board will make the decision on whether to support your application. The board meets either once a month, or once every two months. Following the meeting, we will contact you to inform you of the Board’s decision.
FIMCo Supplier Support Scheme-
As a consequence of the global pandemic, the Falkland Islands Meat Company (FIMCo) has cancelled the full export season due to the risk to staff. A modified export season has also been introduced in light of the fact that the UK has maintained tariff-free access to the EU for meat products.
As a result, the FIMCo Board has approved the FIMCo Supplier Support Scheme for 2021 to provide relief for meat suppliers in light of current issues by compensating farmers scheduled to provide supplies to FIMCo that cannot be processed anymore. Mutton not able to be processed by FIMCo will be supported at a rate of £10 per head; no payment will be made for cull sheep. For the 2020 year FIMCo provided a maximum of £370,000 worth of financial support with 22,000 mutton expected to be processed in 2021. Payments will be administered by FIDC who will work with FIMCo to ensure that payments are processed.
A number of ‘general industry support measures’ are also available to rural businesses alongside the FIMCo Supplied Support Scheme 2021.
Wool Producers Support Scheme-
In response to the decline in wool demand, FIG developed and implemented the Wool Producers Support Scheme. This was successfully rolled out in May when all unsold 2019/20 wool was purchased by the Department of Agriculture at a price set in March 2020. The success of the scheme has led to it being reintroduced in 2021. As of December 2020 over 75 farms have signed on to the scheme.
Additional Services offered by FIDC include:
- Advice sessions –by phone, conference call, Skype or similar
- Business Continuity and Crisis Management – specialist guidance and support resources will be made available
- Business Health Check - Detailed assessment of business health - cash forecasts, reserves, asset positions, key ratios, working capital needs
- Securing the staff - Advice on tax, payroll
- Staying solvent - Appraisal of debtor and creditor positions
- Supply chain and value chain aid– looking for new or different markets, new suppliers
- Business turnaround plans - comprehensive forward-look and practical suggestions for the future
- All services will be available via telephone and skype or similar. If you require any support from a member of FIDC staff please contact us via email.
For specific queries please contact the following:
Other FIDC Contacts:
Go to the FIG COVID-19 page for additional information.