Skip Navigation

Comhairle nan Eilean Siar

Business Gateway - Assistance Available

Business Loan

Objectives & Assistance

  • Provision of loans to encourage business start-up and enable business and community development in the Outer Hebrides.
  • Assist new and growing businesses & income-generating community enterprises to develop projects which enhance their opportunities for long-term sustainability and whose activities will increase economic activity and employment.
  • Loans of up to £20,000 are available towards general start-up costs, new/used plant and equipment, working capital, marketing, e-commerce enablement and for upgrading tourist accommodation.

Eligibility & Conditions

  • Applications considered for business and community development projects located in the Outer Hebrides, which can demonstrate: commercial viability, employment creation and/or generate additional demand for products and services.
  • Each application will be considered on its own merits. However, projects in areas which are adequately served by similar existing businesses are unlikely to meet the eligibility criteria.
  • Loan funding is available only to applicants unable to raise the total capital required from other commercial, private or public-sector sources.
  • Applicants may be sole-traders, partnerships, limited companies, co-operative groups, community enterprises or other legitimate trading entities.
  • A Business Plan, Financial Projections (3-year) and up-to-date Accounts (existing businesses only) must be submitted.

Only one loan can be applied for at any one time, with a maximum of two CnES loans running at any one time. A second loan cannot be provided unless 12 months have lapsed since the last loan was provided with at least 20% of the first loan repaid.

Funding

  • Term Loans:  Normally up to £20,000
  • Repayment Period:  Up to 7 Years
  • Interest:  4% fixed (unsecured) for loans up to £10,000 and 4% fixed (secured) 6% fixed (unsecured)- for loans above £10,000
  • Capital Repayment Holiday:  Discretionary - up to 6 months
  • Level of Funding:  Up to 50% of costs

Contact us for help and advice, applications, or more information
This Scheme (Business Support Scheme Reference Number : X 151/2008) is operated under the European Commission General Block Exemption Regulation (EC) No 800/2008 (Articles 13, 14, 15, 26, 27),  Local Government Scotland Act 2003 and the European Communities Act 1972.

 

Business Gateway