HIE which operates in the Western and Northern Isles, Moray and Argyll and But is to seek alternative funding which £7.7 million less in its coffers than last year.
The development agency’s budget for 2011-12 is £75.2m, but in 2010/2011 it had around £82.9 million for investment.
The agency stated that savings would also be sought and 12 staff will go this month through voluntary severance.
In a statement, HIE detailed: “With government finances certain to remain under pressure for the foreseeable future, HIE is setting out to target alternative sources of funding to supplement its own investments.
“At the same time, the agency will continue its drive to keep operating costs and back office employment to a minimum.”
Hebrides Today brings you the latest news from the Western Isles
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