Millionaire David Kirch borrows money for vouchers
In a statement, he said that this year had been the hardest and money had to be borrowed for the scheme to continue.
In the last census, one in 10 of the island's 88,000-strong population was 70 or over.
Mr Kirch said: "With ever increasing costs, I do think this year the vouchers are needed and while I have had to borrow the money to give it away, which I know sounds odd, I am happy to have been able to do it."
The statement did not give information on the amount that he had borrowed.
Mr Kirch turned 70 in 2005 and decided to celebrate by offering the money to others who had reached the same age.
He moved to the island in 1973 and has had a successful career in property.
In 2008, he gave out more than £900,000-worth of Christmas vouchers to islanders.