Short Term Aid For Companies
Businesses in Northern Ireland face significant challenges in the current economic climate. Many are experiencing difficulties in securing the viability of their businesses.
To help alleviate these pressures, Invest NI launched a £15 million Short Term Aid Scheme to provide eligible businesses with financial assistance to enable the retention of key staff while businesses plan, and where necessary, restructure for the future so they are ready to take advantage of the upturn.
The Short Term Aid Scheme is available to eligible businesses from 1 June 2009 until 31 December 2010.
What do you get?
The maximum support available per business is €500,000 (approximately £450,000 at current exchange rates) less any other De-Minimis Aid offered in the period 1 January 2008 until 31 December 2010.
Financial assistance will be offered to eligible businesses by way of a for salaries to maintain key skills within their workforce (and related appropriate costs).
There will be three rates for support; 80% for small businesses, 70% for medium sized businesses and 60% for large businesses. Payments will be made in arrears, based on eligible salary costs. Travel and subsistence costs may also be eligible when certain activities outside the workplace are undertaken.
Who can apply?
The Short Term Aid Scheme is open to small, medium and large businesses in the manufacturing and tradeable services sectors which were not in difficulty prior to 1 July 2008 and which, although fundamentally viable, are experiencing short term difficulties.
In addition, to be eligible, a business will need to meet, or have the potential to meet by 31 December 2010, the following criteria:
total sales of over £100,000 per annum; and
sales outside Northern Ireland greater than 25% of turnover, or greater than £250,000 per annum.
To be eligible, a business will need to demonstrate a need for support and any actions already taken, or proposed to be taken, to address its difficulties.
How can you apply?
Your business can apply for the Short Term Aid Scheme by submitting an application form to Invest NI.
Download Short Term Aid Scheme Brochure (PDF)
Download Short Term Aid Scheme Frequently Asked Questions (PDF)
Download the Short Term Aid Scheme Application Form (DOC)
Download the Short Term Aid Scheme Guidance Notes (PDF)
What to do next?
Existing Invest NI client companies should contact their Client Executive for more information.
If you are not currently an Invest NI client, please contact one of our Business Development Managers, depending on your location, to discuss your eligibility for the scheme:
North West, North East and Eastern
T: 028 9069 8192
South, West and Eastern
T: 028 8225 5613