Over a hundred young entrepreneurs, including 4 businesses from The Outer Hebrides, who decided to start a micro-business without any sustainable growth funding, have been identified with creating over 2000 jobs in Scotland and generating a combined turnover exceeding £157million according to new research findings published today.
The businesses in the Outer Hebrides who have been recognised are Autoparts Stornoway Ltd, John MacIver & Sons Ltd, M.F.V ISBJORN and Wild West Foods (UK) Ltd.
The research was commissioned by the Prince’s Scottish Youth Business Trust (PSYBT) and sponsored by The Royal Bank of Scotland and identifies its ‘Top 100 Best Performing Businesses in Scotland.’
The results show youth enterprise in Scotland is having a demonstrable positive impact on Scotland’s economy, not least in creating wealth and employment in local communities.
All the businesses highlighted in the Top 100 list received funding and support from the PSYBT to sustain and grow their businesses, when traditional sources of funding were not accessible to them.
Commenting PSYBT chief executive Mark Strudwick said: “These are exceptional individuals who had the dream to start their own business; came to PSYBT as lenders of last resort to get crucial funding; and through their efforts and determination, and the encouragement of our volunteer network, have gained the confidence and skills to make their business flourish and prosper.
“The success of these businesses demonstrates what can be achieved from small beginnings and why it’s so important for funding institutions and business support organisations to do everything they can to reduce the hurdles for young people who want to enter what can often be an alien and challenging environment.”
Keith Pope, Director Business Banking for Business Banking Scotland at RBS in The Outer Hebrides said: “RBS is committed to helping young entrepreneurs at every stage of their journey. We want to ensure that young people are in the best possible position to achieve their ambitions, whatever their background, and we are proud to have worked with PSYBT for the last 23 years. This makes sense because it is good for the young people, good for their communities, good for the economy and ultimately good for business.”