Foster Announces £15 Million Scheme To Help Businesses

Under Invest Northern Ireland's Short Term Aid Scheme, qualifying businesses in the manufacturing and tradable services sectors will be able to receive support of up to approximately £450,000 at current exchange rates, enabling them to retain key staff while they plan and restructure for the future. To be eligible, a firm in difficulty will need to demonstrate a need for support and the actions already taken, or proposed to take, to address its difficulties.

Announcing the scheme to the Northern Assembly, the Minister said: "It is clear that many businesses are currently experiencing a short term reduction in demand for their products or services. This is resulting in company finances being squeezed and causing, what would otherwise be viable, businesses to experience financial difficulties.

"To help these businesses to prepare for the upturn when it comes, it is important that the Executive provides the most effective and efficient support. A key element of this will be to ensure that businesses retain and, where possible, enhance their skills base.

"The scheme I have announced today will do just that. Through Invest NI, eligible businesses that are experiencing short term difficulties will be able to obtain grants for salaries to maintain key skilled posts in their workforce. These will be at a rate of 80% for small companies, 70% for medium sized enterprises and 60% for large companies."