Firms receive share of recession fund

Between September 2008 and the beginning of February 2010 twenty-one firms here also availed of a related 1.506m fund for "Credit Crunch Diagnostics" (CCD) that was announced by the Department of Enterprise, Trade and Investment (DETINI) as the downturn deepened one-and-half years ago.

But not all of those firms availing of state assistance remain committed to the North West; Arntz Belting Company is one high-profile example.

The beneficiaries of the Accelerated Support Fund (ASF) based in the Foyle constituency were Carella Laminate Systems, Dark Water Studios, Nu Print Technologies and Smartstart Specialised Tuition Service.

All of these businesses received offers from Invest NI under the ASF by January 31 this year.

Firms accessing the CCD funding in Foyle were Hunter Apparel Solutions, Wafer Enterprises, Opt 2 Vote, Oak Grove Cabins, Euro Fire And Security, Manor Mouldings (NI), Jim, Monica and Rory Jackson, Cunamh ICT, Cromer Enterprises, Beech Hill House Hotel, Nu Print Technologies, Partridge Peartree Promotions, Creggan Country Park Enterprises, James Sammon and Co., Colin and Sheena Graham, Carella Laminate Systems Ltd., Mr Paul Doherty, Foyle Recyclers, Mona Units, Arntz Belting Company and McIvor Plastics.

Investment Minister Arlene Foster outlined the information in response to a question tabled at the Stormont Assembly.

She explained: "The Accelerated Support Fund (ASF) was announced in 2008 as a tactical response to the emerging economic downturn.

"The Fund had an available budget of 5 million to provide fast- track support to assist Invest NI clients by providing advice and on-site support.

"Access to the ASF was by way of attendance at the 'Challenges and opportunities - the Credit Crunch' events - a proactive initiative organised by Invest NI.

"Maximum support available for any project was 50,000 or 50 per cent of eligible expenditure up to 100,000 whichever was the lesser."

Foyle Sinn Fin MLA Martina Anderson asked the Minister to reveal the amount allocated; the percentage of successful applicants; the name and location of the businesses which benefited; the number of these businesses located in Neighbourhood Renewal areas; and the number of businesses which received the announced 50 per cent cost of approved projects.

Ms Foster responded: "The total amount allocated is 5.895m. This is broken down as: 4.389m for ASF projects plus 1.506m for Credit Crunch Diagnostics. Ninety-six per cent of proposals were successful."

She added: "One hundred of the 639 combined offers were in Neighbourhood Renewal Areas (15.6 per cent). One hundred thirty two businesses received 50 per cent funding.

"Two projects received less than the maximum available support (one receiving 40 per cent and the other 45 per cent. Between September 2008 and April 2009, 14 events were organised across the province attended by over 830 Invest NI clients of which 764 registered for the free Diagnostic service available.

"Over 500 diagnostics have now been completed with 300 projects are now underway supported either directly via ASF or existing mainstream Invest NI programmes."