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.
We can invest in micro, small and medium sized businesses (up to 250 employees and turnover not exceeding £36m).
UK Financial Services Regulation places restrictions on lending £25,000 or less to sole traders and partnerships/limited liability partnerships with 3 or fewer members. We are therefore unable to provide direct loans to sole traders/small partnerships of £25,000 or less but can assist with signposting to other loan providers who offer approved lending services.
Whilst there is no lower application limit for larger partnerships or limited companies, a loan below £25,000 may not be a cost effective way of financing a project.
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 activity.
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.