Government Funding For Businesses Crucial To Their Survival

There is no doubt that the government schemes that have provided funding to businesses in Northern Ireland during the pandemic have been crucial. Without this funding many many more companies would have gone into administration never to return, the schemes have saved businesses and they have saved jobs.

No Choice But To Provide Funding

The government really had no choice but to provide the money to keep businesses afloat, as if they had not done so it would have been catastrophic both economically and socially for the fabric of society.

To show the level of aid provided here is data from the British Business Bank which was published in an article on the Irish News website:

`CLOSE to 45,000 businesses in Northern Ireland benefited from more than £2 billion of funding under the UK government’s two biggest coronavirus loan schemes, new figures show.

`Data from the British Business Bank revealed that 2,438 firms borrowed £800 million from the Coronavirus Business Interruption Loan Scheme (CBILS), which provided loans, overdrafts, invoice finance and asset finance of up to £5m to businesses with a turnover less than £45m.

`And 42,544 companies tapped into the Bounce Back Loan Scheme (BBLS), securing loans worth nearly £1.3 billion. It provides a six-year term loan from £2,000 up to 25 per cent of a business’ turnover, with a limit of £50,000.

Future Fund Supporting Businesses

`The British Business Bank also published data on how the ‘Future Fund’ has supported businesses during the pandemic.

`Some 1,190 companies across the UK have had their applications completed to access £1.14 billion worth of convertible loan agreements.

`Among them, 13 businesses in Northern Ireland accessed £11.6m worth of convertible loan agreements.

Among them, 13 businesses in Northern Ireland accessed £11.6m worth of convertible loan agreements.

`In the UK as a whole, banks funnelled more than £79 billion in government-backed loans to companies trying to stay afloat, including £4.2 billion in the final days of three loan schemes before the June 30 expiry.

Accessing All The Funding Available

If you own or manage a business here in Northern Ireland we hope that you have taken advantage of all the funding schemes and grants that have been available to your particular business, and that continue to support you. It is vital that all the help available is taken up so that your business can stay solvent and string as we look to better times ahead in the not too distant future.

If your business needs help in finding and securing funding, or for any accountancy related issue, please give our offices a call on 028 3752 2909.