£1.5m investment approved by HIE in Shetland in 2023-24

Figures compiled by Highlands and Islands Enterprise (HIE) show that the agency approved £1.5m investment across 18 projects in 2023-24. Projects supported have a combined total cost of £3.5m and helped to attract £1.8m in external investment and created or retained over 90 jobs.

As a result of HIE support over the financial year, businesses in Shetland are forecast to see combined turnover increase of more than £7.5m and international sales of almost £580k.

Projects were supported across the Shetland Isles including in Fetlar, Unst, Scalloway, Foula, Nesting, Burra, Weisdale and Brae. 

Funding support awarded to projects in the food and drink sector totalled £300,000. These include £17,715 to Shetland Seafood Auctions for improvements to shore-based services creating four jobs in Lerwick and Scalloway.
 
Investment in community-led projects included more than £195,000 for projects across Shetland. Foula Electricity Trust was awarded £70,712 to help to fund an additional battery bank to increase capacity by 33 percent, helping the island to become net zero and to increase the resilience of the community run system for islanders.  

Another community group, which is improving its green credentials is Fetlar Community Association, which secured £23,000 to support essential improvements for the island’s only community hall. Also Green Grant Funding of £29,750 was awarded for a low carbon project by Scalloway Youth and Community Centre. This will include decarbonising a building with extensive insulation work and installation of heat sourced pumps.  

Businesses within the artistic and cultural sectors, including textiles, architecture, and jewellery, have received more than £95,000. This funding will bolster the islands’ cruise tourism attractions, enhancing their appeal and economic impact. This included support to Shetland Architecture Society who received a grant of £7,882 to help improve the skills and knowledge base of all the local architect practices, through Passivhaus Training, saving off-island consultants being brought in. 

In the manufacturing and engineering front, £94,695 was awarded in total including £58,915 for 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.  

HIE’s innovation team supported several Shetland firms through its new product development programme such as Soapery 21, which received intellectual property support and Windswept and Interesting, which got R&D advice.  
 
Lerwick-based charity, Moving On Employment received specialist support through HIE’s Fair Work Support programme to help develop the culture, policies and practices that balance worker's and employer's rights and responsibilities. 
 
HIE provided two young people working at Shetland Woollen Mill and Shetland Aerogenerators with fully funded places on the Highlands and Islands Powering Futures Challenge 2024. The workplace skills development programme supports them to find green solutions for their business.  

Katrina Wiseman, HIE’s area manager in Shetland is keen for her team to work with a wide range of organisations from across the islands that are keen to grow their operations. She said:

“We’re very pleased to have been able to support such a variety of interesting projects in Shetland last year.

“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.  
 
“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.”