SNIB provides £4.45m loan to help NC500 hotels
A £4.45 million loan has been granted to Highland Coast Hotels from the Scottish National Investment Bank to support hospitality along the North Coast 500 tourist route.
The funding will support tourism and employment opportunities in a sparsely populated area in the north of Scotland, where tourism is crucial for the local economy and is vital to sustain communities and businesses.
It will be used to upgrade four hotels along the route, helping to create full-time jobs within Highland Coast Hotels and up to 40 FTE jobs within the local area through supply chain investment, and improve the availability of accommodation options for tourists.
There are also plans to develop a new hospitality foundation course at the University of Highlands & Islands and the establishment of a Modern Apprenticeship Scheme.
The loan will be repaid from income generated by Royal Golf Hotel in Dornoch, the Royal Marine Hotel in Brora, Newton Lodge in Unapool and the Kylesku Hotel in Kylesku.
Bank backs energy firm
Aberdeen-based Biosus Energy is investing £500,000 received as a loan from HSBC to acquire generators which it installs at client sites to help reduce their utility bills.
The new equipment has enabled the firm to hire three employees and aims to acquire up to 10 new systems per year.