Alderney's States is increasing the support money available for small businesses to £20,000.
The island's government currently offers grants of up to £2,000 to help start-up businesses with initial set-up and capital costs.
However, there has been limited uptake and economic impact.
The revised Small Business Support Scheme scheme hopes to give firms stronger incentives to invest in Alderney.
Up £20,000 will be available in the form of a grant or loan, on a matched funding basis.
The scheme will be open to start-up businesses, existing businesses, and those considering relocating to Alderney who can demonstrate their economic benefit to the island.
The money will go towards the likes of infrastructure, equipment and developmental costs, not costs already incurred.
The Policy & Finance Committee has agreed an annual budget of £50,000, drawn from the Economic Development Reserve Fund.
Details on how to apply can be found on the States website here.
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