Investment fund that benefited North Coast Watersports in Thurso aims to help more Highland businesses
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Funding which helped a young Caithness business is being made available to more companies through the region's development agency.
Highlands and Islands Enterprise (HIE) is launching the third round of its Young Business Capital Investment Grant (YBCIG), which is open to firms with up to 250 full-time equivalent employees.
Young businesses and social enterprises less than five years old can apply if they are looking to increase productivity, innovation and employment in the region.
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, the pair – who are based at Thurso – 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 per cent funding through the scheme towards the business’s £67,000 investment in the project.
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.”
More details on eligibility and applying are on the HIE website at: www.hie.co.uk/support/browse-all-support-services/young-business-capital-investment-grant
YBCIG closes for expressions of interest on July 29 at noon.
