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22/12/2023
Additional £10m Flood Support Funding Announced
Additional funding of up to £10 million has been announced to support businesses severely affected by flooding in October and November.
Eligible businesses impacted by flooding have already received a £7,500 grant and will continue to benefit from 100% rates relief up to 31 March 2024 for flooded properties and temporary accommodation.
Following ongoing consultations with local councils in the affected areas, the Executive Office has announced the new additional funding, which will be targeted at assisting small and medium sized businesses.
The support will be linked to the actual costs incurred by businesses in relation to the replacement of damaged or destroyed equipment, refitting of flooded property and repair of damage to buildings. Up to £100,000 per business would be available.
In order to qualify for this support, businesses must have:
• been open and trading on the date of the flooding,
• either unable to obtain insurance cover against flooding through no fault of their own or their insurance company has subsequently refused to pay out on damage caused by the recent flooding and,
• the business must continue trading, or resume trading, in the same town centre.
The funding will be administered by district councils on behalf of the NICS. Further information on how to apply for the support will be available in early January.
Eligible businesses impacted by flooding have already received a £7,500 grant and will continue to benefit from 100% rates relief up to 31 March 2024 for flooded properties and temporary accommodation.
Following ongoing consultations with local councils in the affected areas, the Executive Office has announced the new additional funding, which will be targeted at assisting small and medium sized businesses.
The support will be linked to the actual costs incurred by businesses in relation to the replacement of damaged or destroyed equipment, refitting of flooded property and repair of damage to buildings. Up to £100,000 per business would be available.
In order to qualify for this support, businesses must have:
• been open and trading on the date of the flooding,
• either unable to obtain insurance cover against flooding through no fault of their own or their insurance company has subsequently refused to pay out on damage caused by the recent flooding and,
• the business must continue trading, or resume trading, in the same town centre.
The funding will be administered by district councils on behalf of the NICS. Further information on how to apply for the support will be available in early January.
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