Funding Available For Ambitious Young Businesses In The Highlands And Islands

8th July 2022

Photograph of Funding Available For Ambitious Young Businesses In The Highlands And Islands

The third round of the Highlands and Islands Enterprise (HIE) Young Business Capital Investment Grant (YBCIG) is now open to companies.

The third round of the Highlands and Islands Enterprise (HIE) Young Business Capital Investment Grant (YBCIG) is now open to companies with up to 250 full-time equivalent employees.

It follows on from the success of the first two rounds of the programme, introduced by HIE in 2020 to accelerate recovery from the pandemic. Together, the previous rounds have resulted in awards totalling £2.2m, generated around 160 FTE jobs and increased business turnover by more than £21m.

Businesses interested in applying must be less than five years old, operate within a defined range of growth sectors (see notes) and have a clear ambition to work outwith local markets.

The scheme can provide grant funding of up to 50% of eligible costs for capital equipment and works. The maximum grant available is £100,000.

YBCIG aims to accelerate business growth, increase their contribution to the local economy and help to create new employment opportunities. The fund is open to those who can demonstrate creating and retaining well paid or green jobs as well as increasing efficiency and outputs or focusing on sustainability and growth.

Rachel Hunter, director of service delivery at HIE, said, "As part of our continued response to supporting economic recovery following the pandemic, we want to stimulate entrepreneurship and employment in the Highlands and Islands. The YBCIG scheme helps to support growth and resilience in young businesses and social enterprises.

"We had a great response in the first two rounds of funding. Opening this up again will provide the incentive needed to assist more young businesses to move their plans forward, expand their impact on the local economy and contribute to the speed of the recovery."

Through a previous round of the YBCIG scheme, Shetland Oysters was awarded £11,690. The business is operated by Winston Brown and based on a family croft at Whiteness, Shetland, where oysters are cultivated and processed. The fund enabled the company to purchase equipment to help get products to market by harvesting, grading and packaging all oysters on site. Through the project, one full-time member of staff has been recruited.

Isle of Barra Distillers was awarded up to £67,567 through the young business fund to purchase and install an automated bottling line to speed up production. The company, which employs five staff on Barra, has experienced growing demand from online sales and tripled its exports since launching in 2017.

Another business supported through the scheme is Argyll Coffee Roasters, which was awarded £10,751. Based in Tighnabruaich on the Cowal peninsula, founder Eve Macfarlane operates a coffee roasting enterprise, selling roasted speciality coffee to wholesale and trade customers as well as directly to customers online. The project has enabled her to purchase new equipment to help produce more coffee for sale and this has resulted in the creation of a new post to support the growth of the business.

In Caithness, North Coast Watersports, a partnership of two young champion surfers whose main business is operating a surf school, was awarded funding through a previous round of the fund. Having established a solid reputation for providing an excellent service and getting the business on to a solid footing, they wanted to expand their offering by investing in a jet-ski to provide safety cover for big wave surfers and a RIB to allow boat trips and safety cover for paddleboarders and coasteering, together with safety and ancillary equipment. HIE provided 50% funding through the scheme towards the business's £67k investment in the project.

Businesses and social enterprises more than five years old that are interested in finding out how HIE can support their capital investment plans, can contact enquiries@hient.co.uk

Businesses can apply here until the 29 July 2022

The Young Business Capital Investment Grant (YCCIG) was formerly known as the Young Company Capital Investment Grant (YCCIG). The first round of funding launched in September 2020 and the second followed in November 2021.

More info about the scheme, including the growth sectors that are eligible, can be found at https://www.hie.co.uk/support/browse-all-support-services/capitalinvestment/

 

Related Businesses

 

Related Articles

Today : Advisory / Counseling Services

Scotland and Ireland Strengthen Economic Links Between Gaelic Communities

Scotland and Ireland Strengthen Economic Links Between Gaelic Communities Scotland and Ireland are developing closer links between their Gaelic-speaking communities, with housing, artificial intelligence, renewable energy, tourism and the marine economy among the areas being explored for future cooperation.   The initiative was highlighted during a visit to Skye by Ireland's President Catherine Connolly, who met representatives of Highland organisations including Highlands and Islands Enterprise (HIE) and Highland Council.  

Today : Advisory / Counseling Services

AI Support For Businesses In Highland

Businesses and social enterprises across the Highlands and Islands are being supported to explore the opportunities offered by artificial intelligence (AI) through two new support initiatives launched today by Highlands and Islands Enterprise (HIE) as part of AI Scotland.   Applications are now open for the new AI Adoption Programme and AI Mentoring Support service, which are designed to help organisations understand, assess and implement AI technologies that can improve productivity, boost innovation and support growth.  

Yesterday : Advisory / Counseling Services

£1.78m innovation programme to benefit 500 businesses

A new three-year programme (14 September) is expected to help more than 500 businesses and social enterprises across the Highlands and Islands to innovate and grow.   Highlands and Islands Enterprise (HIE) has approved a £1.78m budget to fund the programme, which builds on ten years of innovation support by the agency.  

11/9/2026 : Advisory / Counseling Services

 
HIE appoints new area manager for Caithness and Sutherland

Highlands and Islands Enterprise (HIE) has appointed Claire Wilson as its new area manager for Caithness and Sutherland.   Claire succeeds Eann Sinclair, who retired after eight years as area manager and more than three decades with HIE.  

8/9/2026 : Advisory / Counseling Services

Public sector investment supports floating offshore wind foundations development for Highlands

Plans to produce floating offshore wind foundations at Port of Ardersier have taken a step forward with the approval of more than £778,000 in Scottish Government funding.   Approval was given by Highlands and Islands Enterprise (HIE) after close collaboration with Scottish Enterprise’s international arm, Scottish Development International (SDI), to secure the project for Scotland.  

1/9/2026 : Advisory / Counseling Services

Scotland Is Attracting the Investment But Where Is Caithness and Sutherland's Share?

There is an encouraging message in the latest investment figures for Scotland.  There is also a question that should matter particularly to Caithness and Sutherland.  

15/8/2026 : Advisory / Counseling Services

Islands are at the heart of a £100bn pipeline of investment opportunities

Chair of HIE, Angus Campbell, explores how our islands are at the heart of a £100bn pipeline of investment opportunities, helping to drive economic growth, clean energy and community prosperity across the Highlands and Islands.   The Highlands and Islands has long been recognised for outstanding natural assets, entrepreneurial spirit and resilient communities.  

6/8/2026 : Advisory / Counseling Services

Highland Businesses Offered Free Support to Cut Carbon Costs and Prepare for a Low-Carbon Economy

Highland Businesses Offered Free Support to Cut Carbon Costs and Prepare for a Low-Carbon Economy New Climate Springboard programme aims to help SMEs understand emissions, reduce costs and plan for the future Businesses across the Highlands and Islands are being offered free expert support to help them understand their carbon emissions, reduce costs and prepare for the growing demands of a low-carbon economy.   The new Climate Springboard programme, supported by Highlands and Islands Enterprise (HIE), is designed to help small and medium-sized businesses, social enterprises, charities and community organisations take practical steps towards reducing their environmental impact.  

1/8/2026 : Advisory / Counseling Services

Economic Development or Political Numbers Game? How Should We Judge Organisations Like HIE?

Economic development agencies frequently publish impressive statistics: thousands of jobs created, businesses supported and millions of pounds of investment attracted.  But one question is often much harder to answer: how much of that success actually happened because of their intervention? This is one of the biggest challenges facing organisations such as Highlands and Islands Enterprise (HIE) and Scottish Enterprise.  

1/8/2026 : Advisory / Counseling Services

Economic Development: How Do We Judge Success When Taking Risks Means Some Projects Will Fail?

Economic development organisations are often asked to perform an almost impossible task: transform regions, create jobs and encourage investment in places where the private sector may be reluctant to take risks.  But when some supported projects fail, criticism quickly follows.