AQW 15780/17-22

Mr Andrew Muir
Alliance Party
North Down

Tabled Date: 03/03/2021
Answered On Date: 12/03/2021
Priority Written: No

Question:
To ask the Minister for the Economy (i) how many applications were received for the COVID-19 Productive Investment Capital Grant support scheme; and (ii) what the total value of the applications was relative to the budget for the scheme.

Answer:

(i)The COVID-19 Productive Investment Capital Grant (PICG) is one of a number of initiatives brought forward by Invest NI in response to COVID-19.

The PICG experienced a significant level of interest from businesses since launching on 1 February 2021 and as a result the scheme quickly became fully subscribed. Invest NI has therefore paused progress on applications not completed before 4.00pm on Thursday 18 February 2021 until further notice. When paused 66 applications had been received.

(ii) Applications received are still being assessed against the eligibility criteria. However, it is anticipated that the scheme funding approvals of £5.5m will be fully utilised. As outlined in the scheme Guidance Notes, funding will be allocated to eligible applications on a first-come, first-served basis.

Given the high level of interest shown in the scheme, Invest NI is exploring the possibility of securing additional scheme and budget approvals in the new financial year with a view to supporting further applications through the scheme in due course.