Funding for young Highland businesses opens for applications
Young businesses and social enterprises in the Highlands and Islands looking to increase productivity, innovation and employment can apply for funding from the region’s development agency.
The fourth round of the Highlands and Islands Enterprise (HIE) Young Business Capital Grant (YBCG) is now open to businesses that have been trading for less than five years with up to 250 full-time equivalent employees.
It follows on from the success of the first three rounds of the programme introduced by HIE in 2020 to accelerate recovery from the pandemic.
Together, the previous rounds have resulted in awards totalling almost £3m, generating around 196 FTE jobs and increased business turnover by more than £33.7m.
Businesses interested in applying must have been trading for less than five years, operate within a defined period of growth sectors and have a clear ambition to work outwith local markets.
The scheme can provide grant funding of between 20 and 50 percent of eligible costs including development of new and existing business premises, investment in new technology, capital equipment and works. The minimum grant available is £10,000.
YBCG aims to help businesses and social enterprises to accelerate business growth, increase their contribution to the local economy and help to create new employment opportunities.
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Rachel Hunter, director of enterprise and community support at HIE, said: “We are looking to support projects that help businesses and social enterprises to grow. That could be through investment enabling new market entry, increased sales or the creation of quality employment opportunities.
“We had a great response across the region in the first three rounds of funding. Opening this up again will provide the incentive needed to assist more young businesses to move their plans forward and expand their impact on the local economy.”
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 percent funding through the scheme towards the business’s £67k investment in the project.
More details on eligibility and applying are on the HIE website at: https://www.hie.co.uk/ybcapitalinvestment
Businesses and social enterprises more than five years old that are interested in finding out how HIE can support their capital investment plans, should contact enquiries@hient.co.uk
YBCG closes for expressions of interest on December 31, 2025.
