We will provide support to businesses and entrepreneurs that will help sustain jobs in core sectors of Shetland’s economy and create new ones.
The council’s Economic Development Service primarily provides financial support to eligible projects through grant assistance via the Economic Development Grant Scheme, and through commercial investments through the Shetland Investment Fund.
The purpose of these schemes is to encourage stability and diversity in the local economy, support economic activity within communities and promote an environment in which innovation and creative thinking are seen as core economic values.
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.
In total in 2022, there were 224 local enquiries to the Business Gateway Service. An independent customer satisfaction survey is carried out every quarter. For the period October to December 2022, the Shetland service recorded a 100% overall satisfaction rate, with 93% recorded for the period January to December 2022. Satisfaction results of 100% mean that all respondents stated that the service met their expectations, felt it would benefit their business and they would recommend the service to others.
In 2022, the council, in partnership with HIE, launched a Business Start Up Grant, designed to encourage new business starts, stimulate diversity and entrepreneurship, and improve survivability and business planning by incentivising early engagement with Business Gateway. To date, a total of £19,998 has been approved to six new start businesses.
