We will provide support to businesses and entrepreneurs that will help sustain jobs in core sectors of Shetland’s economy and create new ones.
In March 2022 the Development Committee approved the Economic Development Grant Scheme which provides financial support for businesses. Changes were also agreed to the Shetland Investment Fund lending policies which removed the focus on funding specific industries and activities. Any viable application that demonstrates added value to the local economy can be considered as well as voluntary and community organisations which are now eligible to apply. Between 1 April 2022 and 31 March 2023, six grants were approved under the Economic Development Grant Scheme with a cumulative value of £102,751.
The Council ran a Business Start-up Grant Scheme between April 2022 and September 2023. Initially trialled on a pilot basis, this provided grants of up to £4,000 to support early capital investment, training costs and marketing and promotion. Across the pilot period, the scheme provided over £40,000 to 11 new business starts in a range of sectors including food and drink processing, business and personal services, retail, construction and tourism. In September 2023, the Council agreed to extend the initial pilot scheme for a further 18 months.
The Shetland Realise Programme was launched in 2020, and offers local female business owners the opportunity to receive 1:1 mentoring, as well as peer support from like-minded business owners with sessions every four to six weeks. Topics covered are based on the group’s needs and could include confidence, networking, self-promotion, self-care and change-making conversations. The first cohort provided much-needed support during the COVID lockdown and was very successful. Successive cohorts have been run in the time since, with plans for a fifth cohort in spring 2024.