Trust in the future of Argyll acorn businesses
WHILE the closure of bank branches continues apace and affordable finance becomes ever harder to find for the small business, one Argyll institution is bucking the trend.
But at its recent annual general meeting, trustees and friends of the SJ Noble Trust wrestled with the inescapable fact it must change to meet increasing demand from fledgling businesses in Argyll and Bute.
The trust was set up in memory of Johnny Noble, chairman and co-founder of Loch Fyne Oysters, who died in 2002. The purpose of the trust is to help promising business ‘acorns’ and promote rural regeneration. In recent times the trust has moved away from grants in favour of affordable threeyear loans and has helped more than 160 businesses over the past 15 years – helping create an estimated 400 new jobs along the way.
With particular external funding sources drying up while demand was increasing, trustees last year commissioned a report to assess the financial position.
The prediction was that demand would grow by 25 per cent in coming years and to meet this the trust would need to find additional funding on top of regular loan repayments and existing donations.
With help from the Kilfinan Trust and other supporters, the position has since improved. Now the trust is looking at a new model of funding, based on wider community buy-in and the coming together of local people.
At the annual general meeting on September 15, trustees heard from Pauline Hinchion of the Scottish Re-investment Trust about a new funding model for rural redevelopment, in which individuals can buy non-tradeable community bonds to support something of value to them.
The SJ Noble Trust is planning ahead, looking to a sustainable future supporting Argyll and Bute entrepreneurs for years to come.
Trust chairwoman Christina Noble said: ‘I am proud of what we have been doing. This has been greatly helped by support from Nick and Jane Ferguson, whose Kilfinan Trust has increased its participation in loans another 10 per cent over the past two years.
‘When the concept of the trust was launched in 2002, we never would have imagined we would have assisted 15 businesses a year.
‘I know my brother Johnny, in whose name it was set up, would be surprised and delighted.’