A potential £1.24m will be invested into innovative local businesses with help of a States-backed scheme.
In October, Economic Development launched a two-year pilot for a Guernsey Enterprise Investment Scheme, which offers tax breaks to incentivise funding.
“The scheme aims to encourage investment into high growth, early-stage businesses in Guernsey,” said Economic Development President Deputy Neil Inder in the States yesterday.
“Five applications have been approved to date and a total of £372,000 has been allocated from the £600,000 budget in the Government Work Plan, representing a potential £1.24 million of investment into innovative Guernsey businesses.”
Guernsey based people who invest into a qualifying business can apply for an equivalent tax relief incentive of up to 30% of the investment value.
It requires a minimum of £1,000 personal investment, while up to £30,000 can be claimed per year.
In the pilot period, GEIS aims to encourage an estimated £2.2m of investment.
The first application round ran from October to 9 November.
At the time, the committee said any remaining funds would be allocated in a future round that would happen early this year.