Risk taking pays off in difficult times
Published 15 Jul 2013
North Highland Regeneration Fund (NHRF) is heartened by the results of a recent audit of its loan clients by Managing Agent, Caithness Chamber of Commerce, and encourages more businesses to take a look at whether the Fund can help with their development plans.
NHRF Chairman John Thurso MP said: “We are delighted to see that in what are still turbulent economic times, the Fund’s risk taking has paid off and half of our loan clients have exceeded their projected employment growth. This is great news for the area and further highlights the success of the Fund since its inception in 2006. The Fund was set-up to take a certain amount of risk and plug the gap where banks wouldn’t and it continues to be the right approach”.
He went on to add: “The Chamber was appointed Managing Agent nearly a year ago now and has proved a great asset not only by auditing the Fund’s effectiveness but also working with our loan clients to support their business plans”.
North Highland Regeneration Fund is a company limited by guarantee set up by the Nuclear Decommissioning Authority (NDA) as part of its input to economic development in the area. The NDA has a remit to help maintain dynamic, sustainable local economies for communities living near their sites. The NDA has committed £1.83m to the loan Fund since its inception and there is over £500k currently available.
The Fund offers support by the way of loans of between £5,000 and £50,000. Applicants must be in the Dounreay travel to work area, must have an appropriate commercial structure to which funding can be delivered (such as a limited company) and be able to demonstrate long term viability and job growth and retention in the area.
If any business is interested in finding out more it can either visit www.nhrf.co.uk or ring the Managing Agent on 01847 500103 for an informal chat.