Applications

Information required

 

Applicants can choose to complete the Trust's application form and/or to submit a business plan.  Please note if preparing your own business plan for submission the Directors/Partners will be required to sign a declaration relating to the content of the plan and agreeing the payment of legal costs.

 

Your business plan or application form should be supported by financial projections for a period for at least three years.  This should include profit and loss accounts, cashflow and balance sheet forecasts.  The cashflow projections should be prepared on a monthly basis and should be accompanied by detailed assumptions that justify the figures relating to the statements made in the application.  The proposed loan release and repayments should be shown in the projections.  A repayment schedule based on the loan terms requested can be provided by the Trust staff.

 

 

Submission of financial accounts for the three previous years is also requested for existing businesses.

 

 

Business plan

 

If you decide to develop a business plan, we would like to see the points below included.  By undertaking this process you will develop a greater understanding of the achievability of your project and we will be able to assess its potential.  If you need help in preparing a business plan then Shetland Enterprise may be able to assist.

 

• Background to the business and overview of the business sector it operates within
• Company and management structure
• Description of the project and benefits to the business and, where appropriate, the likely effect on your business if the project does not proceed
• SWOT analysis of the business (strengths, weaknesses, opportunities and threats)
• Details of current and proposed employment
• Analysis of the market in which the company operates including current and potential competition
• Cost of the project including capital expenditure and working capital timescales
• All other funding identified, including details of applications submitted and process of approval
•  Justification for seeking funding from Shetland Development Trust
• Three years mandatory financial projections.  This should include:
  • Profit and loss account
  • Cash flow and balance sheet forecasts (based on monthly figures and supported by detailed assumptions
  • The requested loan release and subsequent repayments
• Three years previous management accounts (unless the business has been operation for less than this period)