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Comhairle nan Eilean Siar

Business Gateway - Assistance Available

Micro Business Loan

Objectives & Assistance

  • Provision of INTEREST FREE ‘micro’ loans to encourage the creation and growth of small businesses which can contribute to new jobs in the local economy.
  • Assist income-generating community enterprises to develop projects which enhance their opportunities for long-term sustainability and/or stimulate the local economy.
  • Loans of up to £2,000 are available for general start-up costs, marketing (including trade fair attendance) e-commerce enablement and to encourage tourist accommodation providers to ‘gain a star’.

Eligibility & Conditions

  • Applications considered for business start-ups and existing businesses 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.
  • New businesses must provide a Business Plan along with Financial Projections (3-year). Existing businesses should provide a proposal overview and any other information considered necessary.

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: Up to £2,000
  • Repayment Period: Up to 2 Years
  • Interest: FREE
  • Security: Unsecured
  • Capital Repayment Holiday: Discretionary - up to 6 months
  • Arrangement Fee: FREE
  • 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.

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