Open to companies with up to 250 full-time equivalent employees, young businesses and social enterprises in the Highlands and Islands that want to increase productivity, innovation and employment in the region, can apply for funding from the region’s development agency.

Introduced by HIE in 2020 to accelerate recovery from the pandemic, businesses interested in applying must be less than five years old, operate within a defined range of growth sectors 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 its 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.”

Previously funded businesses include:

• Shetland Oyster - awarded £11,690
• Isle of Barra Distillers - awarded £67,567
• Argyll Coffee Roasters - awarded £10,751
• North Coast Watersports - awarded £33,500

This round of YBCIG closes for expressions of interest on 29th July at 12 noon.