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
Applies from April 2010 (subject to available funding) – Loan terms are normally updated in January each year
- 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..
