Financial Support and Grants
There are a range of schemes available through our Business Gateway service.
Funding Schemes
Outer Hebrides Young Enterprise Support Scheme (OHYESS)
OHYESS is open to entrepreneurs setting up a new business venture or developing a business which was established within the last five years. The scheme aims to fill the gap for business start-up funding for entrepreneurs and development funding for early-stage companies.
Grant funding is available to businesses in key sectors that have been trading for no longer than five years. The funding will be used towards capital costs only. Awards of up to £7,500 for full-time and £2,500 for part-time businesses are available.
Outer Hebrides Youth Enterprise Programme (OHYEP)
Have you got a business in mind or want to explore an idea? From training and mentoring support to funding and resources, we’re here to help you become the best entrepreneur you can be. Our free Youth Enterprise Programme is available to young entrepreneurs (aged 18-40) with an existing or proposed business based in the Outer Hebrides. The programme will help fill the gap for intensive 1-to-1 business support targeted at young entrepreneurs.
Revenue grants of up to £3,000 for full-time and £1,500 for part-time businesses are available.
Outer Hebrides Business Development Scheme (OHBDS)
OHBDS is designed to encourage new business development, including start-up and growth. The primary aim of the schemes is to stimulate new business investment to support longer-term growth.
Grant funding is available for capital investment, such as machinery, tools, equipment, fixtures and fittings, building and groundworks.
Capital grants of up to £3,000 for full-time and £1,500 for part-time businesses are available.
Micro Business Loan
This scheme allows for the provision of interest-free micro loans to encourage the creation and growth of small businesses which can contribute to new jobs in the local economy.
Loans of up to £2,000 are available.
Business Loan
The scheme provides loans to encourage business start-up and enable business and community development in the Outer Hebrides.
Loans of up to £50,000 are available, with interest rates of 4% or 6%, depending on the value of the borrowing.
Fisheries Investment Scheme Loan (FIS)
The Fisheries Investment Scheme (FIS) is a Comhairle funded scheme supported by Western Isles Fishermen’s Association (WIFA). The Scheme aims to create and retain employment opportunities in the Outer Hebrides by encouraging business development in the fisheries sector.
It is expected that the vessel purchase will be financed primarily from a commercial loan from the applicant’s own bank and own funds, augmented by the FIS loan.
Loans of up to £100,000 are available. Commercial interest rates apply.
To find out more about funding for your business contact us at businessgateway@cne-siar.gov.uk