The Department for the Economy has announced two new schemes to support Northern Ireland businesses and help them plan for recovery.
The schemes – one administered by Tourism Northern Ireland and the other by Invest Northern Ireland – have been developed to help Small and Medium Enterprises (SMEs) assess the impacts of Covid-19 and develop a strategic recovery plan for the business.
Both schemes will provide up to £8,000 to eligible businesses to undertake a business and financial review to plan for recovery.
Announcing the schemes the Economy Minister, Diane Dodds said: “Invest NI’s £2m Covid-19 Business and Financial Planning Grant will support businesses by contributing toward the cost of an adviser to carry out an analysis and strategic review of the business. The consultant will then work with the business to develop a strategic recovery plan with financial forecasts.
“It is targeted at businesses operating in the areas of manufacturing, construction, professional services and those involved in the information and communication sector, and in the science and technology sectors, as well as businesses which are already working with Invest NI.”
The Minister added: “Tourism NI’s Business and Financial Planning Support Programme is designed to help tourism businesses recover post-Covid. The tourism market has now changed. Businesses now need to adapt to attract closer-to-home markets and to cope with changing consumer demand.
“Therefore businesses need support to inform critical decisions and to ensure longer-term sustainability. But many do not have the cash flow to invest in the recovery planning. Tourism businesses, which remain critical to supporting recovery, now need this support to face an increasingly competitive marketplace. This programme will provide advisory support to tourism businesses to develop their recovery plans.”
Kevin Holland, Chief Executive of Invest NI, said: “This tailored, practical support is one of the best ways we can ensure more businesses not only survive the pressures of Covid-19 but come out the other end stronger.”
John McGrillen, Chief Executive of Tourism NI, commented: “This is a very challenging time for many tourism businesses across Northern Ireland as we move into the low season whilst trying to manage the continued uncertainty arising from Covid-19. Tourism NI’s programme will help support those businesses to put in place plans to help them survive the winter period and best position them for recovery.”
Applications for both schemes are open now and will close at 5pm on November 30.
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