The islands' fishing industry has benefited from Revolving Loan Fund support
Comhairle councillors have agreed to a transfer of £141,000 to the authority’s Revolving Loan Fund (RLF).
The Sustainable Development Committee agreed to transfer the funds, which were earmarked for the Global Guarantee, to the RLF which provides loans and micro-loads to local businesses.
Administered by the Comhairle’s Business Gateway team, and with the total value of the fund currently standing at in excess of £1.2million, the RLF also encompasses the Outer Hebrides Fisheries Investment Scheme (OHFIS) – enabling the council to provide support to the fisheries sector also.
Cllr Donal Critchton, Chairman of the Comhairle’s Sustainable Development Committee, said: “The RLF has been very successful in supporting the local fishing fleet to increase and invest in larger, newer, and more modern fishing vessels.
“During the first half of this financial year a total of 14 OHFIS applications are being progressed. Eleven of the applicants are under 40 years old, some of whom will also be employing young local crew-members,” he continued.
“As well as supporting the sustainability of the fishing industry, the RLF is supporting young people to live and work in the most fragile areas of the islands – helping to stem the out migration of young people to the mainland and the resulting demographic imbalance,” Cllr Crichton added.