Shetland Islands Council provides commercial finance to new and growing businesses in the Shetland Islands. The purpose of this service is to ensure that good, commercially viable proposals do not fail from a lack of access to finance.
Shetland Islands Council aims to encourage and support the creation, development and growth of businesses as well as and voluntary and community organisations, which are trading.
Secured loans are the main form in which assistance is provided although equity and hire purchase finance can also be considered where there are specific advantages to these forms of finance.
We provide gap funding or co-investment with Banks and other finance providers rather than being the primary lender to businesses. All applicants are required to maximise other private and public sector forms of funding before approaching the Council. EDS can assist applicants to identify other funding sources.
Loans are repayable over a fixed term and interest and capital repayments are collected by Direct Debit each month.
Legal fees are recharged to the borrower at cost. No arrangement fees are charged and no early repayment fees apply to Council loans.
Who Can Apply?
- sole traders
- limited liability partnerships
- limited companies
- voluntary and community organisations which are properly constituted
can apply for loan finance to start up or grow businesses in the local authority area.
Investment in micro, small and medium sized businesses (up to 250 employees and turnover not exceeding £36m) are available.
All viable commercial loan applications that can demonstrate a clear benefit to the Shetland economy will be given consideration.
Project proposals must be in line with policy objectives of Our Ambition 2021-26 and Economic Development Strategy (2018-2022), which specifies target areas for assistance and key outcomes for all economic development activities.
All successful applications must demonstrate, at a level commensurate with the required financing, a clear contribution to the growth of the Shetland economy. This could be, but not limited to: new business creation; new employment creation; new skills development/upskilling workforce; technological innovation; positive environmental impact; etc.
How To Apply?
Potential applicants can complete the online enquiry form, which you should aim to provide as much relevant detail as possible, as this will enable the team to deal with your enquiry in the manner that will benefit you best.
An advisor will respond to your enquiry within 5 working days and will aim to discuss with you, the eligibility of your development project and the suitability of the project for a funding application to the Economic Development service.
If you feel that you do not have enough detail on your project or would like further assistance, contact Business Gateway Shetland using the contact form and someone will contact you as soon as possible.
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