Comhairle nan Eilean Siar

57% INCREASE IN PSYBT ASSISTED BUSINESSES

Eleven young Western Isles Businesses have received assistance from The Prince's Scottish Youth Business Trust (PSYBT) in the year July 2001 to June 2002. This is a 57% increase on the numbers supported by PSYBT in the previous year. This PSYBT year, Loans amounting to £29,350 and grants amounting to £4,000 were awarded to young entrepreneurs aged between 18-30 throughout the Western Isles to help them start-up or continue in business. Enquiry numbers for July 2002 are also significantly more than for the same time last year and a further increase in the number of businesses assisted is predicted.

Since 1989, a total of 152 Western Isles Businesses have received financial assistance amounting to £583,177 from the Princes Scottish Youth Business Trust. PSYBT figures also show a 90.9% survival rate of Western Isles businesses in comparison to a 57.6% national average for businesses trading beyond three years.

Councillor Donald Maclean, Regional Chairman for the Western Isles branch of PSYBT offers several possible reasons for the increase in numbers:
"The appointment of a full-time Youth Enterprise Development Officer by the Comhairle and the re-location of the Business Development Office from Ness to Stornoway are both potential contributors to the increase in young people approaching PSYBT for assistance. Also, the excellent news of a one year pilot increase in eligibility up to age 30 for PSYBT in the Western Isles, can be sited as a reason. Four young entrepreneurs aged between 25 and 30, who would not previously have been eligible, have already benefited from PSYBT assistance, since the news was announced in May."

PSYBT Western Isles Regional Manager, Jane Campbell commented:
"I am looking forward to the year ahead as I am sure we will see even more young businesses getting assistance from PSYBT. It's encouraging to see that the increase in age range has already started to have an impact and I feel confident that, if this trend continues, PSYBT will make the increase to age 30 a permanent feature in the Western Isles age criteria. I welcome any young person with a business idea to contact me to discuss their idea."

PSYBT in the Western Isles offers advice and start-up/expansion funding to young people aged between 18 and 30, to help them set-up or continue to run their own businesses. For further information contact: Jane Campbell, PSYBT Regional Manager, Business Advantage, Town Hall, Stornoway, on 01851 707475.

Enterprise Youth is part-funded by Comhairle nan Eilean Siar and the European Regional Development Fund through the Highlands and Islands Special Transitional Programme - HISTP.

ENDS

Jane Campbell
Youth Enterprise Development Officer
Department for Sustainable Communities
Business Advantage
Town Hall
Point Street
Stornoway
Isle of Lewis HS1 2BE
Tel: (01851)-707475
Fax: (01851)-703657
Email jane.campbell@cne-siar.gov.uk