Coronavirus: Executive approves £40m grants for small firms

By John Campbell
BBC News NI Economics & Business Editor

Closed signImage source, Getty Images

The NI Executive has approved a £40m scheme for small businesses which have not so far qualified for coronavirus grant support.

Many small businesses have qualified for £10,000 grants while larger businesses in some sectors will get £25,000.

However some of the smallest firms, which do not operate from a premises, have not qualified.

The size of the grants under the new fund have not yet been disclosed.

Further details on eligibility and an application process are also due to be released next week.

Economy Minister Diane Dodds said an estimated 8,000 businesses should benefit.

The fund is being targeted at micro businesses which usually means a company with less than 10 employees.

However the precise size of business which will qualify is yet to be confirmed.