21 March 2006
SHETLAND DEVELOPMENT TRUST MADE £3.7M OF NEW INVESTMENT IN LOCAL INDUSTRY IN 2004/05
Shetland Development Trust has reported to Shetland Islands Council’s executive committee today (Tuesday 21st March) that in the 12 months to March 2005 it invested £3.7 million in local industry. In the same period, it received a total of £3.1 million in loan repayments on existing investments.
Surpluses of £2.1 million were disbursed to six organisations with charitable status – Shetland Arts Trust, COPE, Shetland Amenity Trust, North Atlantic Fisheries College, Shetland Bus Friendship Society and Global Yell.
General manager of Shetland Development Trust, Neil Grant, said: “The main role of the Trust is to complement bank funding by providing high risk support where there is insufficient security to satisfy a bank’s lending criteria. As a result, most of our investments are rated medium to high risk.
“Despite the increased lending risk, pay back for the local economy is three fold: most investments pay back with interest; jobs are sustained and created; and we are in a position to support organisations and projects which provide the infrastructure for economic development through the disbursement of surpluses.
“We take our responsibility of investing Shetland’s money very seriously. To that end, we operate in an open and honest manner, remaining fully accountable for all our actions. We welcome the opportunity to report to Shetland Islands Council on our performance and activities and to answer any questions that arise.
“Equally, we want to hear from local businesses and entrepreneurs with business proposals that we may be in a position to support and encourage, creating sustainable development and social benefits for the long-term future of Shetland.”