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Finance Minister Conor Murphy has launched a revamped, more generous ‘Back In Business’ scheme offering businesses a 50% rates discount for up to two years if they occupy a vacant shop unit.
The Finance Minister hopes the scheme will give business owners who set up in empty premises help to get established in the first two years. “This rate relief scheme will help attract businesses onto the high street and into our town centres. This revamped scheme builds on the rate relief previously offered, and extends the relief for an additional year. This will be vital in boosting post pandemic footfall for all businesses, new and existing, and will help restore the vibrancy of the high street as shoppers, tourists and workers return to the town centres.
“I have seen the effects of the pandemic during visits to town centres in recent months and I hope this scheme will support the regeneration of our high streets, building up business occupation in these areas.”
The Scheme offers 50% rate relief for up to two years when empty premises become occupied. There are currently over 12,500 vacant business premises across Northern Ireland. The previous scheme, which expired in 2017, supported over 550 businesses. The new Scheme concession applies to any business ratepayer who moves into premises, which were previously used for retail purposes and have been unoccupied for 12 months or more.
Minister Murphy adds: “There are many opportunities for new businesses to move into their first premises and for existing businesses to expand. With over 12,500 empty properties available, I hope this rate relief will encourage businesses to take the opportunity, knowing they will have discounted rates to pay for the first two years.”
The move has been welcomed by both Newry Chamber of Commerce and Newry Business Improvement District.
Eamonn Connolly, Newry BID Manager said, “Rates are one of the biggest issues facing our members. We have a continuous lobby for a fair rates scheme which treats online, out of town and other businesses similar to those occupying town centre space. We welcome today’s announcement of an extended ‘Back to Business’ Scheme. We hope that this will attract new retailers to Newry city centre who will be successful; and choose to stay beyond the two-year relief period.
"We have a very vibrant city centre in Newry with lots of support and help for new and existing businesses. We welcome any new retailers who would like to avail of this scheme to get in touch with us at Newry BID. In the meantime, we will continue to work with our current members on the Revaluation coming up in 2023 as we believe that city and town centre premises are rated unfairly in comparison to other locations and types of businesses."
Julie Gibbons, President of Newry Chamber added “We at Newry Chamber have long lobbied on behalf of our membership, particularly our retail members, for a stimulus to assist the regeneration of the high street.”
“So we are delighted with the Department of Finance’s ‘Back In Business’ Scheme announcement which will assist retail businesses to overcome the blockage that expensive rates can be in terms of selecting competitively located premises in their initial stages of trading.”
Retail NI Chief Executive Glyn Roberts said: “Given the huge challenge of addressing dereliction on our high streets, this scheme is both welcome and timely. It will incentivise and support new start independent retailers and other businesses with their all-important first two years of trading.”
Further information on the Back in Business scheme, can be found at: www.nibusinessinfo.co.uk/backinbusiness. The scheme will open for applications in May.
