LISTEN: Finance Minister announces £178m for new business support grants

By Q Radio News

A further £178m in new business support grants has been announced by Stormont’s finance minister. 

The schemes, which will support almost 20,000 businesses include: 

•  A £50,000 grant for large businesses unable to access grant funding during the first lockdown.
•  A £25,000 payment to manufacturing businesses unable to access grant funding during the first lockdown.
• Top-up payments of £5,000 and £10,000 for businesses which received grants during the first lockdown but are not eligible for one of the current Executive support schemes.

Conor Murphy says he plans to implement the schemes as a matter of urgency to prevent money being returned to Treasury. 

Finance Minister Conor Murphy.

He said: “These grant schemes, together with the 12 months rates holiday, will provide a lifeline for many businesses who continue to confront the challenges of Covid-19.

"This package of support will help businesses and safeguard jobs through the period ahead as we emerge from the current restrictions.”

Minister Murphy speaking about the new grants.

This news has been welcomed by business leaders.

Colin Neill, Chief Executive of Hospitality Ulster, said the new grants are vital for supporting those businesses who may have fallen through the gaps in support so far.

Colin Neill, Hospitality Ulster

He continued: "We are hoping that this financial support will get to business owners in the hospitality sector just in the nick of time.

"This is an extremely worrying period for everyone in the hospitality sector as we now have an eye on the future, but still need support to get through the series of phases that will see our sector open, but most likely with restrictions in place.”

The Chief Executive of Retail NI, Glyn Roberts, has also praised the introduction of the new business support grants.

Glyn Roberts commenting on the new grants.

He said: "This is a particularly welcome announcement for a significant number of essential city and town centre retailers whose businesses were under threat as a result of lost footfall.

"Minister Murphy listened to our concerns and responded with this grant scheme to support those businesses.

“The ‘lost footfall’ grant scheme will secure hundreds of jobs and ensure these independent retailers can continue to provide food and other important products to local communities."