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New round of Highlands and Islands Enterprise funding opens for start-up and young companies

By Calum MacLeod

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The Young Company Capital Investment Grant (YCCIG) is aimed at helping more people in the Highlands and Islands open new businesses.
The Young Company Capital Investment Grant (YCCIG) is aimed at helping more people in the Highlands and Islands open new businesses.

Young businesses looking to expand and people thinking of moving to self-employment in the Highlands and Islands can now apply for funding from Highlands and Islands Enterprise (HIE).

The second round of the Young Company Capital Investment Grant (YCCIG) is now open, following the success of the first programme.

Introduced by HIE last year to accelerate recovery from the pandemic, this resulted in awards totalling £1.2 million and generated 73 jobs across the region.

Young companies of less than five years old are often working with minimal cash reserves to progress expansion plans or to generate the growth, which would contribute significantly to economic recovery.

This scheme can provide grant funding of up to 50 per cent of eligible costs for capital equipment for those thinking of moving to self-employment, start-up or young companies. The maximum available grant is £100,000.

YCCIG aims to accelerate business growth, increase their contribution to the local economy and help to create new employment opportunities. Businesses that focus on promoting low carbon, reduced emissions or waste and those that support development in rural and remote communities will be prioritised.

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 YCCIG scheme helps to support growth and resilience in young companies and start-ups.

“We had a great response in the first round of YCCIG. Opening this second round of the scheme will provide the incentive needed to assist more young companies to move their plans forward, expand their impact on the local economy and contribute to the speed of the recovery.”

Aanyone interested in applying should visit www.hie.co.uk/capitalinvestment

Companies more than five years old interested in finding out how HIE can support their capital investment plans, should contact enquiries@hient.co.uk

YCCIG closes for applications on Tuesday, November 30.

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