Navigate the Credit Crunch
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Short Term Aid Scheme
Businesses in Northern Ireland face significant challenges in the current economic climate. Many are experiencing difficulties in securing the viability of their businesses.
To help alleviate these pressures, Invest NI launched a £15 million Short Term Aid Scheme on 1 June 2009 to provide eligible businesses with financial assistance to enable the retention of key staff while businesses plan, and where necessary, restructure for the future so they are ready to take advantage of the upturn.
The Short Term Aid Scheme is available to eligible businesses from 1 June 2009 until 31 December 2010.
Financial assistance will be offered to eligible businesses by way of a Grant for salaries to maintain key skills within their workforce (and related appropriate costs).
There will be three rates for grant support; 80% for small businesses, 70% for medium sized businesses and 60% for large businesses.
For more information, visit the Short Term Aid Scheme page.
Free Diagnostic Support
Following an initial assessment, clients can avail of three to five days free diagnostic support delivered by specialist advisers. It will provide clients with an action plan to help address some of the current challenges that businesses are facing.
Accelerated Support Fund
To help implement specific projects that are identified from the diagnostic support, Invest NI has unveiled a £5 million Accelerated Support Fund. The fund is available for clients to undertake projects up to the value of £100,000 and Invest NI will contribute 50% of the approved costs. This is a higher percentage contribution than is normally available.
For more details contact your Client Executive or Invest NI on 028 90 239090
Invest NI’s programmes & services
Invest NI has a comprehensive range of programmes & services to help client companies address the challenges and opportunities that they are currently facing. The full range of programmes is available at www.investni.com and the following provides a brief summary some of the key initiatives.
Finding new markets
Passport to Export is a suite of programmes and services which can help you grow in existing markets or help you target new emerging markets. Invest NI has an extensive network of In-market support to provide local knowledge and contacts and the Market Visits Programme lists all trade missions and exhibitions planned for 2009.
Enhancing Products and Services
In an economic downturn it is important that you continue to differentiate your product or service to deliver added value to your customers. This may vary from making small enhancements to product design through to major new product development. Invest NI has a range of programmes covering such areas as design advice, product development and technical advice.
Operating Efficiencies
Reduce costs and improve internal efficiencies by reducing waste and introduce best practice in the areas of energy usage and environmental impact. Review supply chain management and enhance your management information systems to control costs.
Nibusinessinfo.co.uk
Nibusinessinfo.co.uk offers practical advice on a wide range of business issues. Visit the specific credit crunch section which offers a number of guides on keeping your customers and secure new sales and protecting your business during the recession. Other links which will find useful are
www.nibusinessinfo.co.uk/staff
www.nibusinessinfo.co.uk/saveenergy
www.nibusinessinfo.co.uk/trade