Shetland Islands Council is inviting grant applications from new businesses, following approval from Councillors this morning to continue to fund the Shetland Business Start Up grant scheme.
Grants of between £500 and £4,000 for up to 100% of eligible costs can be awarded to successful applicants, including individuals, sole traders, partnerships, limited companies or social enterprises based in Shetland. Applicants will be able to apply for grant if their business was established up to 12 months before their application date.
The scheme began in 2022, when a pilot grant scheme for new start businesses was established for an initial 18 month period, to encourage new enterprises and engagement with the Business Gateway in Shetland. Councillors today agreed to continue to fund this scheme until 31 March 2025, with a total budget of £50,000 including £25,000 from the Council, matched by £25,000 from Highlands and Islands Enterprise (HIE).
During the pilot period, the grant scheme supported 11 new business starts with a total grant commitment of £40,964.95, across a range of sectors including food and drink processing, business and personal services, retail, construction and tourism.
The grant is administered by the Business Gateway Shetland team, who offer support to new businesses, including help with the production of business plans and cash flow forecasts, to increase sustainability and growth. The scheme also aims to provide new business start-ups with funds to support capital investment, training costs and marketing and promotion.
Dennis Leask, Chair of the Council’s Development Committee said: “The pilot for this funding scheme has successfully supported a number of new local businesses and I’m pleased to see councillors agree today to continue to fund this until 2025. I’d encourage anyone thinking of setting up a new business in Shetland to apply to this scheme, to help them get their enterprise off the ground.”
Fiona Stirling, Head of Enterprise Support at HIE Shetland office said “The first phase of the Business Start up Scheme has delivered excellent outcomes to date. We’re delighted to work in partnership with Shetland Islands Council and Business Gateway to support the next phase of the scheme and look forward to new entrepreneurs coming forward”.
More details on the grant scheme can be found on the Council's website or by contacting Business Gateway on 01595 707451 or by email at businessgateway@shetland.gov.uk