Business / HIE pleased with its success in Shetland

HIGHLANDS and Islands Enterprise (HIE) has invested £1.5million across 18 Shetland based project during the last financial year.

The development agency said in a statement today (Tuesday) that the public money invested in local companies helped to attract £1.8m in external investment and created or retained over 90 jobs.

Projects receiving help through HIE were based in Fetlar, Unst, Scalloway, Foula, Nesting, Burra, Weisdale and Brae.

These include £17,715 to Shetland Seafood Auctions for improvements to shore-based services creating four jobs in Lerwick and Scalloway, and £70,712 for the Foula Electricity Trust to help fund an additional battery bank to increase capacity by 33 percent.

Other grant funding included £23,000 towards essential improvements to the Fetlar community hall and £29,750 to insulate and install heat source pumps at Scalloway Youth and Community Centre.

A HIE grant worth almost £60,000 to help L&M Engineering develop new markets in the aquaculture industry was announced in February this year.

A HIE grant worth almost £60,000 to help L&M Engineering develop new markets in the aquaculture industry was announced in February this year.

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In the manufacturing and engineering front £58,915 was awarded to L&M Engineering to reach new markets, creating two jobs over the next three years.

In partnership with Shetland Islands Council, HIE continued with the business start-up grant scheme following an 18-month pilot. The scheme will be funded until 31 March 2025 with a £25,000 contribution from HIE.

The agency also provided two young people working at Shetland Woollen Mill and Shetland Aerogenerators with fully funded places as part of a workplace skills development programme.

Shetland area manager for HIE Katrina Wiseman said the agency was keen to work with a wide range of organisations from across the islands that are keen to grow their operations.

“Shetland presents us with so many unique and exciting opportunities and our support has facilitated a wide range of projects to progress enabling economic growth and business diversification, community resilience and job creation,” she said.

“As we enter the new financial year, we want to maintain the engagement and reach out to other businesses, social enterprises and community organisations looking to expand their activities, reach new markets and employ more people.

“We look forward to continuing to work with our partners, businesses and communities across the region and beyond in making that happen.”