No-one said community ownership of land would be easy.

When the people of Gigha completed their £4 million buy-out in 2002, they were able to wave goodbye - or should that be good riddance? - to private landlords, but took on what was in effect a major business.

All businesses face challenging periods and have to balance the imperatives of investing in the future with keeping debt levels sustainable, so it is not altogether surprising that after making much-needed improvements, the Isle of Gigha Heritage Trust has debts of £2.7m. Importantly, it also has assets of £7.5m.

There would have been little point to community ownership unless housing stock renovations were carried out. A report prior to the buy-out found three-quarters of the estate's 42 houses should not be lived in, while nearly all of the rest were "in serious disrepair".

Housing renovation does not come cheap, but the trust has also invested in income-generating technology, installing four wind turbines that trust chairwoman Margaret McSporran says have already earned the island more than £800,000. The harbour has also been redeveloped.

So Gigha's debt was accrued making the island a much more attractive place to live; indeed, its population has gone up from 96 to 170 since the buyout. The strong backing given to Ms McSporran this week by islanders suggests that the community appreciates the scale of the task and the work the trust has done.

That is not to say the debt is not significant. It is understandably a worry to many islanders and must be tackled. A strategic review of the organisation has warned it is unsustainable, based on current revenues and that immediate action is required to turn things around.

It is to the trust's credit that it is wasting no time. Ms McSporran has already announced reforms of the trust's governance and management of debt, and its intention to attract more people to the island, which is seen as important for its economy. Other planned measures include doing more to bring in tourists, including by seeking experienced hotel managers to lease the hotel. Good luck to the trust in these endeavours.

Gigha's problems have come to light just as the new First Minister has announced she wishes to ensure Scotland's land is an "asset that benefits the many, not the few". She plans to end business rates exemptions for shooting and deerstalking estates in order to more than treble the Scottish Land Fund, allowing for much more community ownership.

Putting more land under community control is a noble aim and one that has strong public backing. Gigha's recent experience, while highlighting the challenges community trusts face in managing such complex enterprises, certainly does not undermine the validity of the model. After all, private companies go bust without it prompting a re-evaluation of capitalism.

The Isle of Gigha Heritage Trust has a major task ahead to get back to financial health, but it has a proud record on which to build.