STORMONT is to exhaust its remaining Covid funds from the 2020/21 financial year on three new support schemes for businesses.
Around £178 million will be allocated to an estimated 19,600 businesses in the coming weeks, Finance Minister Conor Murphy announced on Monday afternoon.
Mr Murphy told the Assembly the move was a contingency plan initiated due to a lack of bids from other Stormont departments, ensuring unspent funds would not be handed back to the Treasury in London at the end of March.
Largely targeted at businesses which have missed out on other key grant support schemes rolled out over the past year, it includes a £50,000 grant for larger businesses, £25,000 for medium-sized manufacturers and two ‘top-up’ payments of £10,000 and £5,000 for firms which received grants in the first lockdown, but nothing since.
Manufacturers and town centre businesses are expected to be among the biggest winners of the new grants, set to be rolled out once new legislation is put in place.
It’s anticipated around 1,125 businesses will be able to apply for the £50,000 grant, which is targeted at businesses with a rateable value above £51,000 that missed out on a grant in the first lockdown.
The Department of Finance said shops, car showrooms, garden centres, gyms and fitness suites, equestrian centres, and caravan parks will be among the beneficiaries. But larger food stores will be omitted.
The £25,000 for manufacturers will be automatically paid to 1,106 firms in premises with a rateable value of between £15,001 and £51,000 at a cost of £27.9m.
The third scheme will automatically pay £10,000 to 1,600 businesses that received the £25,000 grant for retail, hospitality, tourism and leisure in the first lockdown, but have had nothing since.
A £5,000 grant will also be automatically paid to around 16,000 businesses in smaller premises, which received the £10,000 small business grant in the first lockdown, but have been unable to get any other financial support.
The broad spectrum of beneficiaries will include small manufacturers, hardware stores, bakeries, pharmacies, building suppliers, delis, accountants, solicitors, dentists and physiotherapists.
“Land & Property Service within my department has again stepped up to deliver much needed support to businesses,” said Mr Murphy.
“These grants will benefit a mixture of businesses including those not provided with grant funding earlier this year, and businesses which have been allowed to remain open but which have experienced a significant reduction in trade due to the restrictions.”