A GOVERNMENT hardship fund for micro businesses is set to close for new applications at 6pm on Friday, with at least £10 million of the £40m pot left potentially unspent.
Just shy of 3,000 applications have been made to the NI Micro-business Hardship Fund. Managed by Invest NI, it was launched on May 20 for firms with 1-9 employees who couldn’t access two other £10,000 and £25,000 grant schemes operated by Stormont.
Payments have been capped at £5,000 and £10,000 depending on whether the applicant pays business rates. Firms must also demonstrate that a 40 per cent fall in turnover since March 1 2020 as a direct result of Covid-19.
It means the maximum total paid out to the 2,9000 applications is £29m.
Social enterprises which don’t have charitable status can also apply, but must show that at least 60 per cent of their revenue must come from trade in goods and/or services.
The hardship fund has been heavilly criticised for omitting of sole traders in particular.
Economy Minister Diane Dodds previously told Stormont’s Economy Committee that extending the scheme to include every business in the north would cost hundreds of millions.
She said offering £10,000 to registered businesses with no or just one employee, would cost £350m.
In a statement yesterday, urging businesses to apply before the closing day, Ms Dodds said: “This short term financial support will be vital for many businesses as we work towards the recovery of the Northern Ireland economy.”
