Finance Minister Highlights Benefits Of 'Back In Business' Scheme

Anyone planning to start or expand a business has been urged to take advantage of a long term vacant property and the 'Back in Business' scheme.

Finance Minister, Dr Caoimhe Archibald, made the call as she visited two businesses who successfully applied for the rates support scheme which aims to attract new businesses onto high streets and town centres.

Following the relaunch of the scheme in May 2024, 17 businesses have now benefitted from a 50% rates discount for up to two years, after moving into premises previously used for retail purposes that have been unoccupied for 12 months or more.

Visiting Hare and Hawthorn Ltd and Causeway Craft and Coffee in Coleraine, Minister Archibald welcomed the addition of both businesses to the high street, saying: "We all want to see our town centres and shopping areas thrive and that's why I'm delighted to visit two new businesses in the heart of Coleraine who are helping to bring vibrancy, footfall and investment back into the high street. "Both Hare and Hawthorn Ltd and Causeway Craft and Coffee Ltd are at the beginning of their business journeys. The Back in Business scheme will not only provide them with financial support with a reduction on their rates bill for the first two years, it also helps give a new lease of life back into premises that had been vacant for a long time, supporting the regeneration of Coleraine's town centre and helping increase footfall for other traders in the area.

"I would urge anyone starting a business or expanding their existing business to consider setting up in an empty unit and avail of the rate support on offer through the scheme."

Welcoming the Finance Minister to their premises Jennifer McCullagh, Emma Thorpe and Claire McDowell owners of Hare and Hawthorn Ltd said: "Setting up a new business is costly and the Back in Business scheme has been a welcome and unexpected benefit with our business planning. I would encourage potential business owners to take the scheme into consideration when looking at premises for their new ventures."

Diane Malcolmson, owner of Causeway Craft and Coffee Ltd based in the Diamond Centre Coleraine, said: "Receiving the Back in Business support scheme will provide me with much needed financial assistance during the start of my new business journey. I would recommend anyone thinking about opening a new business to look into the scheme, as it could help with the financial decision on getting the premises you really desired."

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 on the nibusinessinfo website.