AQW 15000/17-22

Mr Andrew Muir
Alliance Party
North Down

Tabled Date: 18/02/2021
Answered On Date: 01/03/2021
Priority Written: Yes

Question:
To ask the Minister for the Economy (i) why the COVID-19 Productive Investment Capital Grant was closed early on the 15 February 2021; and (ii) whether she will bid for more money to reopen the scheme.

Answer:

(i) The COVID-19 Productive Investment Capital Grant (PICG) scheme has experienced a very high level of interest from businesses since launching on 1 February 2021.

The scheme was promoted on the basis that it would close to applications either when the available budget was fully allocated; or on the closing date of 5pm Thursday 25 February 2021, whichever came first. This information was communicated in the scheme Guidance Notes and on nibusinessinfo.

Businesses with applications in draft were given advance notice that the scheme was nearing capacity and to progress their application swiftly. A note was also added to nibusinessinfo.

Given the popularity of the scheme it is now oversubscribed. Invest NI has now paused the ability to apply to the scheme until further notice.

(ii) The PICG scheme is delivered by Invest NI through its 2020/21 budget allocation. The agency hopes to support further applications received under this current call once it has received its budget allocation for 2021/22. Should additional approvals and budget also be secured for the scheme in due course, consideration will be given to accepting further applications.