£50k grants for large NI businesses now available for online applications

A one-off £50k grant scheme has been launched to help over 1,100 Northern Ireland businesses across a range of sectors with the impact of Covid-19.

The Large NAV Business Grant scheme being delivered by Land & Property Services will provide financial support to businesses occupying large commercial premises with a Net Annual Value (NAV) of over £51,000 and which also qualified for the 12 months rates holiday.

Finance Minister Conor Murphy said that "this new grant scheme will make available more than £50m of financial assistance to hundreds of businesses across a wide range of sectors including childcare, retail, manufacturing, hospitality, tourism and leisure."

“Although we have started on the Pathway out of Restrictions, businesses are still dealing with the impacts of the pandemic. I hope this one-off grant will help these businesses which didn’t qualify for previous grant schemes," he added.

Further details including eligibility criteria can be found on the nibusinessinfo website at www.nibusinessinfo.co.uk/LargeNAVBusinessGrant.

The online portal is open for applications from 21 April and will close on 5 May.

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The following criteria apply to the Large NAV Business Grant Scheme:

• Businesses must have occupied commercial premises on 1 March 2021 with a NAV over £51,000.
• Business must have been awarded the 12 month rates holiday in 2020-21.
• Only one grant will be paid for businesses with multiple premises.
• Business in administration or with vacant properties cannot apply.
• Airports, food retailers, petrol filling stations and sports clubs are not eligible.
• Businesses that received or are entitled to receive the Department for the Economy’s Large Tourism and Hospitality Business
• Support Scheme are not eligible to apply.
• The scheme is designed to support the business which is the main occupier of a property, not the landlord or any business which rents part of the property from the main occupying business.

If a business previously received the £10,000 Small Business Support Grant or the £25,000 Retail, Hospitality, Tourism and Leisure Grant and the NAV of its premises on 1 March 2021 is over £51,000 as, the business is eligible to apply but their grant payment will be adjusted to ensure they do not receive more than the maximum of £50,000.