The Economic Recovery Group has announced a new incentive that will encourage local spending and provide more than £0.55 million of direct support to the domestic economy when it is launched later on this summer.
The LoveIOM Gift Card will be aimed at both residents, and those visiting the Island and will be redeemable in partnering local businesses.
Government will also have the ability to deliver targeted support to specific sectors by issuing bonus incentives. To celebrate the launch of the LoveIOM Gift Card, a limited number of cards will be available to purchase with additional credit from Government, providing consumers with greater value for their money.
£0.5 million funding is earmarked specifically for a hospitality campaign to encourage diners to eat out mid-week in the autumn months. Further details will follow once the project is officially launched to consumers.
The LoveIOM Gift Card will primarily be a digital solution, held in smart phone wallets, but with the option to request a physical gift card, at additional cost. This flexible solution will be a fantastic option for individuals or businesses looking to purchase a gift whilst supporting local suppliers.
All local businesses with a physical premises in the Isle of Man will be able to sign up to become a partner of the scheme. Certain expenditure, such as gambling, betting, tobacco and alcohol will be excluded from the gift card. Merchant on-boarding will launch later in August 2021, and businesses can sign up to find out more by visiting www.loveiom.com. The official launch of the LoveIOM Gift Card will take place in September 2021.
Consumers who wish to stay updated on the scheme are encouraged to follow LoveIOM on Facebook (@loveiom.im) or Instagram (@love.iom).