§ Mr. Beggs
To ask the Secretary of State for Northern Ireland if he will list the terms of the package of grant assistance promoted by the Industrial Development Board, Northern Ireland, available to investors in Northern Ireland and the investment grants available in all other regions of the United Kingdom.
§ Mr. Viggers
A wide range of support is available to companies and individual investors in Northern Ireland including:
Accommodation:—Stocks of land and industrial premises for purchase or lease.
Capital Grants:—Up to 50 per cent., depending on location within Northern Ireland, of the cost of new buildings, machinery and equipment whether purchased or leased.
Employment Grants:—Paid on a per capita basis over, typically, 3–5 years.
Rent Grants:—Paid for up to five years towards the cost of renting privately-owned industrial premises or property leased on commercial terms from the IDB.
Interest Relief Grants:—In respect of loans obtained from the private sector.
Loans:—Against approved security.
Share Capital:—Through ordinary or preference shares, often with a buy-back option or redemption terms.
Management Incentive Grants:—Paid to help companies overcome exceptional management recruitment problems.
All of the above assistance is subject to certain limits and to constraints applied by the European Commission.
In addition, eligible companies can apply for the following assistance:R and D Grants:—Up to 50 per cent. of expenditure on approved projects for research and development work related to new products or processes for manufacture or application in Northern Ireland.Marketing Development Grants:—Grant can amount to 40 per cent. of eligible marketing costs incurred in implementation of a marketing plan, up to a maximum of £60,000 in one year.Alternatively, companies may receive 40 per cent. of eligible identifiable costs, up to a maximum of £30,000, to help develop a strategic approach to their marketing planning and implementation.
Grants available to industry in Great Britain are the responsibility of my right hon. Friends the Secretaries of State for Trade and Industry, Wales and Scotland.