The manufacturing sector has warmly welcomed news of a 拢178 million business funding package from the Executive.
The body which represents the sector said the announcement of support by the Finance Minister has undoubtedly saved both businesses and jobs and prevented a long-term malaise in the sector.
ManufacturingNI said the 拢25,000 automatic grant for small and medium-sized manufactuers with full rates valuation of less than 拢50,000 is particularly welcome.
鈥淪tarting a business in manufacturing is tougher and more costly thank most other sectors,鈥 the organisation鈥檚 chief executive Stephen Kelly said. 鈥淚f we lost these businesses now, we would likely lose them forever.
鈥淥n top of the business rates holiday for 2021/2022 for all manufacturers, the top up for micro-manufacturers and potential grants for larger firms, there is no doubt that business and jobs been saved today.鈥
Finance Minister Conor Murphy鈥檚 funding is designed to support businesses which have been impacted by the Covid-19 pandemic.
The measures announced this week will help nearly 20,000 companies in Northern Ireland through direct support.
It includes a 拢50,000 grant for large businesses unable to access grant funding during the first lockdown; the 拢25,000 payment to manufacturing businesses unable to access grant funding during the first lockdown; and top-up payments of 拢5,000 and 拢10,000 for businesses which received grants during the first lockdown but are not eligible for one of the current Executive support schemes.
The move follows on from last week鈥檚 announcement that the Department of Finance was adding another year to the previously announced rates holiday for business.
鈥淭hese grant schemes, together with the 12 months rates holiday, will provide a lifeline for many businesses who continue to confront the challenges of Covid-19,鈥 Mr Murphy said. 鈥淭his package of support will help businesses and safeguard jobs through the period ahead as we emerge from the current restrictions.鈥
