Invest NI opens latest COVID response scheme to help companies improve productivity
Invest Northern Ireland has introduced a new response scheme to help companies recover from business challenges caused by COVID-19.
This is the fifth of eight COVID recovery schemes – some of which are yet to launch. Collectively they are providing £5.5m of financial support this financial year.
Kevin Holland, CEO, Invest NI
PLEASE NOTE: Due to the high volume of interest in the Productive Investment Capital Grant, new applications to this scheme have paused from 15 February until further notice.
The COVID-19 Productive Investment Capital Grant (PICG) scheme has been developed to support businesses to make capital investments to adapt to these challenges.
Kevin Holland, CEO, Invest NI said: “This new scheme targets improved productivity. Providing goods and services more efficiently and effectively to customers improves competitiveness and translates to higher profits and better market penetration.
“Capital investments in areas like new technology, software, automation or digital manufacturing technologies can ultimately improve a business’ productivity and profitability. This in turn stimulates the economic growth which our economy needs.”
Providing goods and services more efficiently and effectively to customers improves competitiveness and translates to higher profits and better market penetration.
Kevin Holland, CEO, Invest NI
PICG is open to any business operating in manufacturing, construction, information and communication, or professional, scientific and technical activities. Existing Invest NI customers, or businesses that can become an Invest NI customer, can also apply.
A maximum grant of up to £250,000 is available to improve productivity by investing in new technology and processes, software and knowledge acquisition, automation or the adoption of digital manufacturing technologies.
Kevin added, “This is the fifth of eight COVID recovery schemes – some of which are yet to launch. Collectively they are providing £5.5m of financial support this financial year. We anticipate offering further application calls later in 2021 for some of these schemes, subject to budget availability.”
Activities eligible for support through PICG include:
- Acquisition of new, non-routine investment in plant, machinery and equipment, including installation and commissioning costs.
- Software licences.
- Knowledge acquisition and licensing.
- Automation or the adoption of digital manufacturing technologies.
More detailed information, eligibility checker and applications details are all available on https://www.nibusinessinfo.co.uk/picg. Applications closed at 5pm on Thursday 25 February 2021.
Projects will be approved on a first-come first-served basis.
The grant will close to applications, either:
- When the available budget is fully allocated; or
- On the closing date of 5pm Thursday 25 February 2021, whichever comes first.