A chance in a lifetime to set up a new scheme or boost an existing business, has been announced for Unst - Shetland's, most northerly isle.

Charged with assisting the regeneration of the island's economy following the withdrawal of the RAF from its Saxa Vord base, HIE Shetland recently secured a further £500,000 funding from the Scottish Executive.

In order to give every good idea an equal chance of succeeding, HIE Shetland this week announced that this additional money will be put up as a challenge fund entitled Investing in Unst

Ann Black, area director of HIE Shetland said: "We want everyone who has a new business idea, or wants to expand their current activity or any community group which feels it has a good project proposal for Unst, to consider lodging an application."

Grant awards will be considered by a panel of representatives from HIE Shetland, SIC and Unst Community Council. Awards will be at a higher level than most other funding providers - businesses can expect a contribution of up to 50 per cent of their project costs, while community groups may be eligible for full funding.

Ann Black continued: "We especially welcome proposals that promote the islands' key sectors:- food and drink, tourism, creative industries, renewables and IT. Investing in Unst is also an opportunity for individuals or single businesses to come together and work up collaborative plans."

Prospective applicants will have the opportunity to hear a presentation at the Uyeasound Hall on 10 April, have any questions answered and pick up an application pack. In order to help people develop their proposals, an Ideas Generation Workshop will follow soon after, details of the date to be confirmed.

Bids to the fund will close on May 18 and successful applicants will be announced the week of June 4.

Fiona Stirling of HIE's Shetland's North Isles team said: "All bids will be rigorously checked to ensure that they make sound commercial sense in the same way that any grant application would. But if people can show that their scheme will bring some level of economic benefit to the island, we want to hear from them. We will also be providing workshops on ideas generation, business planning and marketing to help applicants work up their proposals."

Joan Ritch from Unst Community Council said: "Investing In Unst is a great opportunity for the community. The island's future is in our hands and this funding will provide resources to put new ventures into action."