WORKING TOWARDS A HIGHLY SUCCESSFUL, DIVERSE AND SUSTAINABLE ECONOMY FOR THE FALKLAND ISLANDS
FIDC was established in 1983, in response to the recommendations made in the Shackleton Report (1982). FIDC acts as the national economic development agency for the Falkland Islands and is tasked to develop the commercial sector of the Falkland Islands by being one of the principal partners delivering the Economic, Rural and Tourism Development Strategies. FIDC is a quasi-autonomous government-funded body, which currently operates with an annual budget of approximately £1.2m per annum.
The FIDC Ordinance was amended in 2013 and implemented on the 1st July 2015. The 2013 Ordinance defines FIDC’s purpose as follows;
To help drive sustainable economic growth and assist in the creation of new jobs and opportunities, FIDC provides various forms of support and assistance to the Falkland’s business community. In the 2013/2014 financial year alone FIDC provided over £1.1m in business loans to 14 individuals and businesses. In the same financial year FIDC provided £90,000 in business, development and infrastructure grants to 40 recipients. FIDC will continue to support local businesses at all stages of growth, from start-ups to larger and more-established companies.
For more information regarding FIDC's and its Business Plan you can download our approved Business Plan here;
FIDC LOANS POLICY
FIDC's newly formed Loans Policy has now come into effect. The Corporation is empowered to give financial assistance to individuals, commercial enterprises or other organisations that, in line with its objectives, will contribute either directly or indirectly to the economic development of the Falkland Islands.
In its business plan FIDC has identified the objective “To provide business support and mentoring across traditional, emerging and new industries of the economy by providing assistance and incentives, such as grants, loans, business advice and projects.”
A fundamental principle is that FIDC is committed to responsible lending and will only lend amounts which will not burden borrowers with an unacceptable level of debt or repayments.
FIDC's Loans Policy can be downloaded by clicking on the following link;
Gordon Ackroyd, FIDC’s new Development Officer arrives in the Islands.
Gordon Ackroyd has joined FIDC, tasked with delivering practical enterprise support to Island businesses.
With a background in creative advertising and PR, and expertise across training and adult education, public services and social enterprise, engineering and defence contracting - plus huge experience of hospitality and catering, Gordon brings a wealth of knowledge in starting and growing successful enterprises.
For more information visit: Latest News