Congratulations to one and all, an excellent response. Thanks to contributions made at a well attended open meeting in St Joseph’s Hall on 25th and a last minute rush of postal applications Harlaw Hydro now has 207 members who between them have contributed all that was asked for. The Share issue closes on Friday 28th.
The first share issue has now been completed and certificates are either with the relevant members or are in the post. This issue relates only to the applications that are expected to be eligible for the government’s SEIS (Seed Enterprise Investment Scheme). Once the requirements of SEIS have been fulfilled the remaining shares will be issued, likely to be in the late autumn.
Another milestone past with over 80% of the target amount raised from 158 members all concerned should be congratulated and encouraged.
City of Edinburgh has successfully completed the lining of the lower outflow from the dam, another prerequisite to us starting work and work is well underway on a tender document for the appointment of a contractor.
150 members and 77% of the target reached which is excellent progress.
On top of that we now have an agreed grid connection from Scottish Power Networks – another of the ‘ducks’ properly in line.
Encouraged by the success of the Harlaw Hydro share issue other societies are being formed to raise capital for community projects. Islay Energy Trust had a successful public meeting on 14th May launching their share offer; Mull and Iona Community Trust and Strathaird Trust on Skye are also considering forming a society to help fund community projects.
Well done to one and all. Raising £200,000 in 5 weeks is a great effort and wonderful encouragement for all involved. We now have 124 members which is also great as clearly there is potential for more, so keep spreading the word.
Advance Assurance that Harlaw Hydro will be accepted into the Enterprise Investment Scheme (EIS) has been received. EIS was introduced by the UK government to encourage investment. The encouragement comes in the form of a tax relief of 30% of any investment made in a qualifying company or society. There are of course conditions:-
- The investor must invest at least £500 and leave the money invested for at least 3 years after the company or society starts trading.
- The investor must have paid, or be liable to pay, the tax.
- The company or society must spend the investment on the enterprise promised. (70% spend is required before a claim can be made).
NB If you are in any doubt then consult your financial adviser and/or look at the HMRC website.
Congratulations to one and all in reaching our first target in just over 3 weeks. Every new member and every subscription from now onwards will be reducing the size of the projected commercial loan – can we reduce it to zero and raise all the £313,000?