‘Facing the challenge of Covid-19 is both a sprint and a marathon’

THE head of Invest NI has said that supporting individual businesses in the current Covid-19 pandemic will be “key” to helping them address immediate and future challenges.

Chief executive, Kevin Holland,was providing an update on the agency’s steps to help firms in response to Covid-19. Mr Holland said, “We are taking all the steps we can to help our customers, and the wider Northern Ire-land business base.

“It is important to acknowledge those essential businesses, whether in the food processing sector, vital manufacturers, their supply chains or the many local businesses, and importantly their staff, which have responded inventively and imaginatively to re-purpose their operations or change their business models to support our health service and wider society at this crucial time.

“We have also been working hard  to match NI companies with government calls for support to design and manufacture much needed medical and personal protective equipment for the NHS and front-line support agencies.“To date over 200 NI businesses have expressed interest in supporting the fight against Covid-19.

”The chief executive said Invest NI had been talking to companies to understand the immediate issues,which is helping the agency shape its response. Mr Holland said, “We have re-viewed our current arrangements with customers to allow us to re-lease grant payments quicker and ensure much needed cash flows in-to businesses and the wider economy.

“We are adapting some of our existing support schemes to assist viable businesses who are experiencing difficulties and facing liquidity challenges. “We hope to introduce new approaches to our customers soon to help improve their short-term survival and long-term growth.”The business chief said that,clearly, the impact on companies across the North had been “dramatic”.

Mr Holland said, “Since the introduction of the Job Retention Scheme, we have been notified of some 500 client businesses furloughing close to 30,000 employees.“For some of these companies,the next few months may be an opportunity to strategically review their business and consider how they intend to respond and recover when the time is right.

“This may include understanding how their supply chains or markets may change, their very business model, or what investments they may need to make in skills, R&D etc. The knowledge, expertise and support from Invest NI is there to support them in whatever way possible, including feedback from our over seas teams on the latest market developments in our main export markets.

”The agency is holding a series of free webinars specifically focused on issues arising as a result ofCovid-19, with a total of over 1,500registered.Mr Holland said, “Our Business Support Team continues to respond to high volumes of calls providing advice and guidance, responding to some 3,600 calls in the past few weeks.

“Our free business information website, nibusinessinfo.co.uk is supporting the NI Executive’s current communications campaign and providing the best, one-stop source, of up-to-date business information and guidance in dealing with Covid-19.

As businesses continue to adjust to a “new normal,” the response of the Northern Ireland business community over the next few months will help shape the future of the Northern Ireland economy in the longer term.”