Scottish Highlands and Islands: The Young Business Capital Investment Grant fund
21/07/2022
The Highlands and Islands Enterprise (HIE) in Scotland has launched a Young Business Capital Investment Grant fund to stimulate an increase in productivity, innovation and employment in the region through capital investment in young businesses and social enterprises which have been trading for less than five years. Textile manufacturing/processing and the creative industries have been identified as growth sectors which are eligible for the fund.
About the fund
The fund is aimed at businesses and social enterprises which can demonstrate at least one of the following outcomes as a result of securing funding:
- Create or retain well paid jobs
- Create or retain green jobs
- Increase efficiency and outputs
- Focus on sustainability and growth
How much funding is available?
The scheme can provide grant funding of up to 50% of eligible costs for capital equipment and capital works.
The minimum grant available is £5,000 and the maximum grant available is £100k.
Who is eligible to apply?
- SMEs (organisations with less than 250 full time equivalent employees) based in the Highlands and Islands.
- Unincorporated forms of business ownership e.g. sole trader, partnership, limited partnership, as well as incorporated legal forms of business ownership e.g. limited companies, companies limited by guarantee, community interest companies, limited liability partnership etc. are eligible to apply.
- The applicant must be a start-up/young business or social enterprise less than five years from start of trading activity.
- Applicants must be able to demonstrate that they are operating in a growth sector (which includes textile manufacturing/processing and the creative industries) and have a clear ambition to be operating out with local markets.
The application process
The application process follows a two-stage process. The first stage is to complete the online Expression of Interest Form (EOI) and the second stage requires a three-year business plan, an outline of the capital equipment or capital works you wish to invest in and the latest set of audited accounts.
Timeline
Applicants who wish to apply should complete the expression of interest form by 12 noon on 12 August 2022. You should hear whether your application can progress to the next stage by 26 August.
The deadline for full applications to be submitted is 30 September 2022.
The scheme is NOT operating on a first come first served basis – applications will be assessed on their individual merits after the application deadline date.
You will be advised of the outcome of your application no later than the end of October 2022.