FROM the very outset of the coronavirus crisis, our discussions with ministers have urged them to adopt a ‘triage approach’ for measures to support businesses which are struggling to stay open or have had to close.
Over the past two weeks we've had positive discussions with the senior leadership of the four main banks stressing the need for a speedy turnaround on CBILS applications from small businesses and interest -free overdrafts to assist companies experiencing cashflow problems.
While the support given to businesses by the Executive is welcome, much more needs to be done to target those companies that are struggling the most during this crisis.
Along with our colleagues Hospitality Ulster and Belfast Chamber, we've outlined the need for the £10k and £25k small business grants to be altered to support those companies with multiple premises rather than just a single payment.
This change would support front-line independent retailers who have more than one store and continue to provide food and other essential products to consumers. It would also assist those independent retailers and the hospitality and tourism businesses which have had to close their doors during this crisis.
With the Scottish government now deciding to extend its Small Business Grants to each qualifying property rather than business, we have also asked that the Executive ensures Northern Ireland’s Small Business Grant Scheme is brought into line with those elsewhere in the UK. This, and other gaps in our support schemes, need to be addressed.
Retail NI, Hospitality Ulster and Belfast Chamber have come together to speak with one voice on behalf of the thousands of businesses we represent and the many more people from every part of our region that they employ to call on the Executive to follow the example of elsewhere and extend the rates holiday beyond the initial three months.
Targeted, rolling support is needed now and, given the fact that this crisis is going to leave a lasting legacy, the level and duration of any support needs to last as long as is required.
We know the pressures the public purse is under during this challenging period but, equally, businesses are facing unfathomable difficulties now and will do for some time to come.
We would encourage the Executive to do so on the basis of a ‘triage system’ that provides support those businesses in retail, hospitality and other sectors that have been hit the hardest and who need it the most to survive.
Health is the absolute top priority but we need to ensure that we limit the damage done to our economy and provide jobs when this crisis ends.
:: Glyn Roberts (glyn@retailni.com) is chief executive of Retail NI (www.retailni.com).
