As part of our continued response to supporting economic recovery following the pandemic, this fund aims to stimulate an increase in regional employment for individuals aiming to move into self-employment whilst helping to support growth and resilience in young companies.
The scheme can provide grant funding of up to 50% of eligible costs for capital equipment for start-up or young companies/social enterprises (less than five years old). In very exceptional circumstances a higher intervention level may be considered. The maximum grant available is £100k.
WHAT CAN THE FUNDING BE USED FOR?
The funding can be allocated towards most categories of capital investment, including but not limited to purchasing equipment, fixtures, fittings, furniture and IT infrastructure, for example.
Special consideration will be given to investments that promote the low carbon agenda by reducing emissions or waste, and to those that support development opportunities in rural and remote communities.
WHAT CAN'T THE FUNDING BE USED FOR?
The funding can not be used to purchase:
Any type of motor vehicle or trailer (including mobile homes and caravans).
Any type of construction, adaptation or upgrade to premises (though minor modifications as part of the installation of eligible equipment might be considered).
You cannot claim for equipment that has already been ordered or purchased and/or capital works underway prior to your application to the fund.
WHO IS ELIGIBLE TO APPLY?
Only SME's with a UK registered address and evidence of economic activity in the Highlands and Islands region can apply.
Unincorporated forms of business ownership (e.g. sole trader, partnership, limited partnership) as well as incorporated legal forms of business ownership (limited companies, companies limited by guarantee, community interest companies, limited liability partnership etc.) are eligible to apply.
The applicant must be a start-up/young business or social enterprise less than five years from their date of incorporation (limited companies) or registration with HMRC (other types of legal entity).
Applicants from most sectors can apply but those from the retail and personal services sector (e.g. hairdressers, beauticians, alternative therapist etc.) and businesses in the hospitality sector operating from their own homes (eg B&B or AirBnB- type businesses) are not eligible, however some exceptions may apply in remote and fragile areas.
WHAT INFORMATION IS REQUIRED TO APPLY?
The application process has 2 stages. The first stage is to complete an online Expression of Interest (EOI) form which is available from the top right of this page. Your EOI will be reviewed and if your application meets the basic criteria you will be asked to make a FULL application.
In order to make a full application at stage 2 of the process you will require:
For start-ups only:
A full three-year business plan will be required. If you do not have a current business plan, Business Gateway can advise you on how to put this together. Visit www.bgateway.com to find your local office.
Applicants who wish to apply should complete the Expression of Interest form available above by 30 November 2021.
You should hear whether your application can progress to the next stage by 7 December 2021.
If your application is eligible for progression, the deadline for full applications to be submitted is 12 noon on 6 January 2022.
The scheme is NOT operating on a first come first served basis - applications will be assessed on their individual merits after the application deadline date.
You will be advised about the outcome of your application by the end of January 2022.
If you would like to talk to someone about the application, please email enquiries@hient.co.uk.
For full details and to apply go to
https://www.hie.co.uk/support/browse-all-support-services/young-company-capital-investment-grant-scheme/