NI Micro business hardship fund
18 May 2020
The NI Executive has launched a new NI Micro-business Hardship Fund to help Northern Ireland based micro-businesses and social enterprises unable to access other regional and national Covid-19 support measures.
Department for the Economy (DfE) will make up to £40 million available through a fund, which is being administered by Invest Northern Ireland on behalf of the Department for the Economy. It will offer emergency funding to businesses facing immediate cash flow difficulties due to the impact of Covid-19.
The Minister for the Economy announced on 15 May 2020 that the scheme would open for online applications within the next seven days. An online eligibility checker will be available week commencing 18 May 2020.
Only one grant will be paid to each eligible business, irrespective of how many properties the business occupies.
Businesses who meet the following criteria:
- The business must be based in Northern Ireland.
- At 29 February 2020, the business must have employed between one and nine employees paid via PAYE except where the sole employee is the business owner or company director. The number of employees will be based on headcount.
- Since 1 March 2020, the business must have experienced a reduction in turnover in excess of 40% as a direct result of the Covid-19 pandemic or associated Government restrictions.
Who cannot apply:
The NI Micro-business Hardship Fund is open to all micro-business and social enterprises excluding the following:
- Primary agricultural producers i.e. those primarily concerned with crop or animal production or forestry or logging or fisheries or aquaculture. However, agricultural businesses associated with the processing, marketing and retail of agricultural products can apply to the fund.
- Businesses eligible for the following NI Executive schemes:
- Charities or social enterprises with charitable status.
- Social enterprises that receive less than 60% of revenue from trade in goods and/or services.
Other non-repayable Government grants related to Covid-19 will be taken into account and will be deducted, where applicable, from the final grant awarded.
How you can prepare to apply
If you are eligible to apply for the grant scheme, there are some steps that you can take to prepare for completing the online application form. Guidance on this process from NI Business Info can be found here: get ready to apply for the NI Micro-business Hardship Fund.
More guidance on the scheme is set to be released in the coming days.