The ONE Enterprise Fund
Supporting business growth and employment
The ONE Enterprise Fund, created by Opportunity North East (ONE) in partnership with the Andrew Salvesen Family Trust, supports business growth and employment across North East Scotland’s key industry sectors. The £2m Fund helps ambitious businesses at key points in their growth by providing interest free loans that are repayable within five years. Recipients also benefit from engagement in ONE’s activity in the region. The ONE Enterprise Fund will distribute up to £2m over five years with around £400k of loans made in any one year. The Fund is evergreen with the amounts repaid becoming available for distribution in the future.
Why was the Fund established?
• Enable businesses to achieve growth plans at key points in development
• Help ambitious management teams to build businesses and create new employment
• Strengthen and diversify regional economy
How does the Fund work?
• Interest free loans to businesses in the region’s key sectors, typically circa £30k in value (applications in £10k to £50k range are considered)
• Expectation that loans are repaid as early as practicable and within five years
• Evergreen fund with repaid loans becoming available for future distribution
What can loans be used for?
• Specific funding requirements linked to growth e.g. capital expenditure or working capital, more ambitious technical feasibility studies or R&D innovation projects, export and internationalisation, or securing relevant expertise
Who can apply?
• Businesses active in a key industry sector in North East Scotland, including oil, gas and energy; food, drink, agriculture and fishing; life sciences; tourism; and digital and entrepreneurship
• Located, or with significant activity, in the region
• Clear growth plan and associated funding requirement
• Commit to engage constructively with ONE
How do businesses apply?
• Initial discussion with the ONE Enterprise Fund Manager
• Subject to suitability, business invited to apply
• Business submits a completed ONE Enterprise Fund application with evidence of business financial track record and growth opportunity
• No requirement to present or pitch to ONE Enterprise Fund Panel as part of the process
How long does the process take?
• The ONE Enterprise Fund Panel, comprising senior businesspeople, meets every three to four months and applications are invited on this cycle
• Decisions are notified promptly after the Panel meets and subject to legals being completed funds are released shortly thereafter or feedback provided to unsuccessful applicants
Interested in learning more or applying?
• Contact the ONE Enterprise Fund Manager, Mary Jane Brouwers, by email for an initial conversation – ONEEnterpriseFund@opportunitynortheast.com