Loan Management

Following on from the success of our first loan, some of the Board with Janice and Corinne had a videoconference meeting with the organisation handling the loan, Developing Strathclyde Ltd , a community development finance association.   The meeting was very successful in going over the processes of the first loan and establishing which areas need to be improved to streamline the process.  The board have been very pleased with the way DSL staff have looked after the trust’s interests and ensured community funds are used wisely.

Financial planning

The board invited Alan Long (The Long Partnership) to the last Board meeting to give advice on financial matters within the trust.  This was a useful session and covered areas such as funding the Community Interest Company, taxation advice, lending to businesses and individuals, and financial investment.

“New Venture” for Westray

The trust are pleased to announce that they have offered a loan of £60,000 to two young fishermen to help them take ownership of their first fishing boat (the refurbished “Kelly T”, which will be renamed “New Venture”).  The loan is being adminstered by trust partners Developing Strathclyde Ltd (DSL-Business Finance) as they are a community development finance association with the expertise to manage loans.  This loan is part of a programme of “community regeneration”, as it not only provides secure employment for young folk to remain on Westray, but will also provide catch for the Westray Processors crab processing factory.  With many of the local fishing boat owners approaching retirement, it was important to encourage young people into the industry.