To ask the Minister for the Economy whether her Department is developing a discretionary fund to support those businesses who are unable to access the current financial supports announced as a response to COVID-19.

On 28th March 2020, the First Minister and Deputy First Minister, announced a series of enhanced containment measures, agreed by the Executive, designed to restrict the spread of the Coronavirus.

In addition, the Executive and the UK Government have since introduced a number of interventions and packages of financial support to help those who have been affected by the consequences of COVID-19. These include but are not limited to the following:

Business Grants Schemes;

Self-Employment Income Support Scheme;

Job Retention Scheme;

Coronavirus Business Interruption Loan Scheme;

Coronavirus Large Business Interruption Loan Scheme; and

Relief packages with non-domestic Rates

On 16th May 2020, I announced a new ‘Hardship Fund’ to help Northern Ireland based micro-businesses and social enterprises who meet the criteria and who have been unable to access other regional and national support measures. My Department will make up to £40 million available through this fund, which is being administered by Invest Northern Ireland.

Details of the Hardship Fund including the eligibility checker have been published on the NI Business Info website: https://www.nibusinessinfo.co.uk/content/coronavirus-ni-micro-business-hardship-fund

Information on all of current and evolving support options are being updated continuously at https://www.nibusinessinfo.co.uk. In addition, the Consumer Council for Northern Ireland, provides advice and guidance for small businesses and organisations experiencing difficulties during this challenging period.

Despite government’s best efforts, and the significant funding that has been made available in such a short period of time, I do understand that some businesses, employers, organisations and individuals have been unable to avail of all or some of the support options thus far, nor do I underestimate how difficult a time this is for all concerned.

There are no plans at this time to set up an additional Discretionary Fund at this time, however, I can assure you that I, along with my Executive colleagues, continue to examine and pursue further means to support the local economy in whatever way possible.

Most recently, the Finance Minister announced on 19th May 2020 additional help with paying Non Domestic Rates including an extended rates holiday for the sectors hardest hit by this pandemic.