A challenge fund of £500,000 aimed at assisting businesses to drive forward the economy of Unst in Shetland, has drawn a buoyant response.

Launched in April, Investing in Unst was funded by the Scottish Executive and administered by HIE Shetland to boost the island's fortunes following the withdrawal of the RAF from its Saxa Vord base.

Thirty nine enquiries about the fund were received by HIE Shetland's North Isles staff leading to 18 cases being prepared. Seven of these were sufficiently ready for consideration by the first Investing in Unst panel held on June 6.

The panel consisted of Ann Black, area director of HIE Shetland, Fiona Stirling, HIE North Isles team leader together with Joan Ritch and Alan Clark from Unst Community Council. Decisions were made to approve six projects, worth a total of £457,665. It is anticipated that these six projects will spend £260,195 from the £500,000 fund.

HIE Shetland will release further details of these first approvals following completion of the final application process.

Ann Black said: "We have had some exciting projects to review for this first Investing in Unst panel and are really pleased with the response we've had. We are confident these projects will make a significant contribution to the economy of Unst."

HIE Shetland plans to hold another panel on  July 10 so there is still time for those with projects underway to get their ideas together and submit them. Anyone who wants to know more about Investing in Unst or follow up their case for the second panel should contact HIE Shetland's North Isles office on 01957 711609.