Who can apply?
Applicants must meet the following criteria before any application for financial assistance will be considered by the Economic Development Service.
- Applicants, whether individually or as registered businesses/organisations must be located within Shetland, from a ZE postcode region. However, applications from outwith Shetland may be considered if the project can demonstrate inward investment potential. UK residents and those ‘granted leave to stay’ in the UK are eligible to apply for support. Evidence may be required, e.g. a passport or a letter from the Home Office granting leave to stay.
- Applicants may be sole-traders, partnerships, limited companies, co-operative groups, community enterprises or other legitimate trading entities.
- Applicants must be able to demonstrate that the project for which they are applying is a commercial undertaking. Applications for assistance from businesses must be accompanied by a business plan containing the following information:
- Background of the business/organisation
- Overview of the relevant sector or area of activity
- Company structure
- Management structure
- Description of the development project
- Benefits of the project to the business
- Details of current and proposed employment
- Analysis of the market or area of activity in question
- Details of current/potential competition
- Project costs – include both capital and revenue expenditure
- Funding sources identified – state whether or not applications have been submitted, any feedback received and/or any approvals
- Financial projections for a period of at least 3 years – including profit and loss statements, balance sheets and cash flow. The cash flow should be prepared on a monthly basis and should be accompanied by detailed assumptions to justify the figures shown and the statements made in the projections
- Justification for seeking funding from the Council
- Impact on the business if the project does not proceed
- Timescales
- Where projects are being undertaken by community groups or individuals, the level of detail above may not be required; however, the commercial nature of the project must be clearly established. Applicants should consult with a member of staff within the Economic Development Service.
- Applicants must be able to demonstrate evidence of need for financial assistance sought under the Economic Development grant scheme. Any offer of financial assistance will be based on the Council providing the minimum amount of funding required by the project, and applicants will be expected to pursue funding opportunities from other sources where available.