Finance Minister Conor Murphy has announced that almost £21 million in further Covid grants will begin issuing to over 850 manufacturing businesses later this week.
The one-off £25,000 grant is an automatic payment being made to manufacturing businesses operating from commercial premises with a Net Annual Value (NAV) between £15,001 and £51,000.
During a visit to FAST Technologies in Derry, one of the businesses which will receive the grant, Minister Murphy said: “Manufacturing businesses are an essential part of our economy employing over 85,000 people across the North. Like many other sectors they’ve been adversely impacted throughout the pandemic.
“This one-off £25,000 grant will provide almost £21 million to over 850 manufacturing businesses, most of which were unable to access grant support in the initial lockdown.
“I hope this grant scheme, combined with the second year of a 12 months rates holiday, will support our manufacturing industry and give them the capacity to recover and grow in the time ahead.”
Welcoming the grants, Stephen Kelly of Manufacturing NI said: “This is an incredibly welcome investment by the Finance Minister. The last year has been the most difficult business environment anyone is likely to have experienced and our SME manufacturers more than most have suffered. These grants will save jobs and allow our manufacturers to invest to deliver the post-Covid economic recovery which the Executive desire and the community need.”
The following criteria apply to the Manufacturing (Industrial Derating) Support Grant:
- To receive this automatic payment the manufacturing business must be the rateable occupier of premises on 1 March 2021 with a NAV between £15,001 and £51,000 and properly receiving industrial derating at that date.
- Only one grant will be paid for businesses with multiple premises.
- Business in administration or with a vacant property at 1 March 2021 will not receive the payment.