A new scheme aimed at revitalising town centres and high streets will see businesses who open in vacant premises offered a 50 per cent discount on their rates for two years.
The scheme, which is open to all business types will hope to increase occupancy in retail premises which have been vacant for more than 12 months.
Launching the scheme Finance Minister, Dr Caoimhe Archibald said that she would encourage anyone considering opening a business to avail of the scheme.
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“All of us want to see our town centres and shopping areas thriving. The Back in Business scheme aims to help bring vibrancy, footfall and investment back to our high streets while providing businesses with a boost at the start of their business journey, helping to support jobs and bring long term vacant units back into use," she said.
“The difference a bustling business can make to a once empty property on a main thoroughfare is striking. I would urge anyone planning to start a business or expanding their existing business to consider setting up in an empty unit and avail of the rate support on offer through Back in Business.”
Glyn Roberts from Retail NI added: “We welcome the restoration of the Back in Business rates relief scheme. It provides new start businesses with a much-needed fifty percent rates discount in their vital first two years of trading.
“The scheme also plays an important role in encouraging empty units to be brought back into productive use, boosting footfall and assisting High Street recovery.”
Colin Neill from Hospitality Ulster welcomed the announcement of the scheme and said that it is a "positive step".
"Hospitality Ulster welcomes the launch of the Back in Business scheme. As vacancy and dereliction have long been issues across the towns and cities of Northern Ireland, it is important to incentivise local operators to address this and, in turn, expand their offerings and contribute to the local economy. This is a positive step towards doing just that," he said.
"This scheme has in the past shown what can be achieved when pressures on operators are lightened. We look forward to working in collaboration with the Minister and her department on this and on further work to reform business rates to ensure that we are doing all that we can to support not only new businesses, but existing ones too."
The Back in Business scheme is open to all business types and applications can be made online. Further information on how to apply can be found at https://www.nibusinessinfo.co.uk/back-in-business
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