Comhairle nan Eilean Siar
Business Gateway - Assistance Available
Outer Hebrides Small Business Assistance Scheme - Business Loan
Objectives & Assistance
- Provision of loans to encourage business start-up and enable business development in the Outer Hebrides.
- Assist new and growing businesses & social enterprises to develop projects which enhance their opportunities for growth, long-term sustainability and whose activities will increase economic activity and employment.
- Loans of up to £50,000 are available towards general start-up costs, capital investment, marketing, e-commerce enablement and for upgrading tourist accommodation.
Eligibility & Conditions
- Applications considered for business start-ups and existing businesses with growth aspirations located in the Outer Hebrides, which can demonstrate: commercial viability, employment creation and/or generate additional demand for products and services.
- All funding must be for growth / expansion activity – i.e. not for replacing like for like / tidying up or improving premises etc,funding should be for activity that increases output and efficiency / expanding markets etc.
- Funding restrictions apply, and certain business types, activities, sectors cannot be assisted under the EU-programme and State Aid rules.
- In general, financial support will target the following key sectors: renewables & energy related activity; tourism; creative and other culture-based industries; food & drink; information technology; life/health and other sciences; research & development;manufacturing and processing and traditional (indigenous to the Outer Hebrides) industries.
- 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 / Growth Plan, Financial Projections and up-to-date Accounts (existing businesses only) must be submitted along with any other supporting information considered necessary.
- Business Gateway workshop attendance (where relevant) will be a condition of all funding approved.
- All projects must consider the potential environmental impact and take appropriate action to ensure that activity is carried out in a sustainable manner.
- Only one loan can be applied for at any one time.
Funding
- Term Loans: Up to £50,000
- Repayment Period: Normally up to 7 Years
- Interest: 4% fixed (unsecured) for loans between £2001 and £10,000 4% fixed (secured) 6% fixed (unsecured)- for loans above £10,000
- Capital Repayment Holiday: Discretionary - up to 6 months
- Arrangement Fee: FREE
- Level of Funding: Up to 50% of eligible costs
Scheme terms and conditions may change from time to time and you should contact one of our advisors on 01851 822 775 should you wish to find out more about making an application and the terms that apply.
Contact us for help and advice, applications, or more information
The European Regional Development Fund (ERDF) Helping to reduce the gap between development levels and living standards among the regions and the extent to which least-favoured regions are lagging behind. Helping redress the main regional imbalances in the Community by participating in the development and structural adjustment of regions whose development is lagging behind and the economic and social conversion of regions.
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.
