Here’s a rundown of some financial support options currently available to Orkney-based businesses.
Flexible business development grant
- £750 to £5,000 towards total costs at a maximum of 50% contribution
- For capex, marketing, training, or other significant costs as agreed (not working capital)
- Businesses just serving existing Orkney markets are unlikely to be eligible
- Preferred sectors: tourism, food & drink, green tech, manufacturing, creative, social enterprise
Graduate placement scheme
- Up to £15,000 towards wages and NIC, year 1 only, maximum 50% contribution
- Graduates must be qualified to at least HND level and employed within 2 years of graduation
- A lower level of funding is available for post-graduates
- Preferred sectors as above, though other sectors may be considered
Economic development grant scheme
- Up to £55,000 towards capital expenditure, maximum 30% contribution
- Targeted to projects which encourage economic diversification; raise average wages; improve exports; or otherwise benefit the Orkney economy
- Preferred sectors as above
- Proposals must be accompanied with a robust business plan
New business start-up
- £500 to £1,500 towards capex, marketing, training or start-up costs
- Priorities: creating employment; supporting fragile communities; boosting the local economy
- Proposals must be accompanied with a business plan and 2 year cashflow forecast
Rural shop grant
- Up to 75% of eligible costs, depending on location; maximum of £10,000 (normally) in any three-year period
- General stores are considered eligible if they stock a range of foodstuffs and household goods
- Petrol pumps considered separately
Tourism grant
- Various schemes available for upgrades to existing accommodation; new facilities at existing accommodation; and new or upgraded visitor attractions
- Up to 30% of eligible costs for some schemes, with a maximum grant of up to £55,000
- Projects which are considered to be repairs & maintenance, or like-for-like replacements of existing assets, are not eligible
Community development fund
- Aims to support projects benefiting the community as a whole
- Up to £100,000 towards eligible costs, maximum 50% contribution
- An ‘own resources’ contribution of 5% required
- Available to formally constituted community councils, development trusts etc
For support with your grant application, contact us today. To apply, contact Claire Kemp at Business Gateway on 01856 886666.
