Further financial support for flooded businesses announced
Date published:
Details of further financial support for businesses severely affected by the flooding in late October and November have been announced by the Northern Ireland Civil Service.
A spokesperson for the Executive Office said: “Since the Secretary of State announced that up to £15 million would be made available to fund a response to the flooding, eligible businesses impacted by flooding have received a £7,500 grant and will receive 100% rates relief up to 31 March 2024 for flooded properties and temporary accommodation.
“We have been working closely with the local councils in the affected districts to develop a proposal to support the businesses which were most severely affected. We want to provide support that will help businesses to re-open and resume trading or remain open and continue trading, and to help secure the economic future of the town centres affected by the flooding.”
Up to £10 million is now being made available which will be targeted at assisting small and medium sized businesses.
The support will be linked to the actual costs incurred by businesses in relation to the replacement of damaged or destroyed equipment, refitting of flooded property and repair of damage to buildings. Up to £100,000 per business would be available.
In order to qualify for this support, businesses must have:
- been open and trading on the date of the flooding,
- either unable to obtain insurance cover against flooding through no fault of their own or their insurance company has subsequently refused to pay out on damage caused by the recent flooding and,
- the business must continue trading, or resume trading, in the same town centre.
The funding will be administered by district councils on behalf of the NICS. Further information on how to apply for the support will be available in early January.
Notes to editors:
- The Secretary of State announced on 8 November that he was converting £15 million of Capital DEL funding to Resource DEL to be used to fund the response to the flooding in late October and early November.
- Previous announced schemes are:
- A £7,500 one-off grant for flooded businesses;
- 100% rates relief for flooded businesses up to 31 March 2024; and
- 100% rates relief on temporary premises being occupied by businesses while their main property is being repaired up to 31 March 2024, or the date that the business moves out of the temporary premises, whichever is earlier.