Budget 2021: Rishi Sunak to announce £70m boost for NI businesses

Chancellor Rishi Sunak is expected to announce £70m in funding to help small and medium sized enterprises (SME) in Northern Ireland in this week's budget.

Her Majesty's Treasury said the funding will build on the British Business Bank's existing programmes to help SMEs to invest and grow.

It will provide loans or invest in local companies.

The way in which businesses can access the fund will be outlined in due course.

Local companies that may avail of the funding include recent start-ups looking to borrow smaller amounts to kickstart activity or established SMEs looking for larger investments to grow their business.

The funding will be part of a government commitment to level up opportunities.

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It will build on the success of existing funds in other parts of the UK, which have been shown to support the creation of high-paying high productivity jobs and the upskilling of existing workforces, the Treasury said.

On Budget day the chancellor usually holds up a traditional red box full of financial documents

Describing Northern Ireland as a "powerhouse of ingenuity", Chancellor Rishi Sunak said the UK government was continuing to support small businesses across the country to grow and succeed.

"We're investing millions of pounds to help thousands of businesses take their next step," he said.

"Since the start of the pandemic, the UK government has spent £352bn right across the UK on support.

"In Northern Ireland this included protecting more than 284,000 jobs through the furlough scheme, £118m in self-employment support, help for businesses and the procurement of vaccines."

In addition to the £70m for Northern Ireland, Scotland will benefit from £150m and Wales will receive £130m for a new fund delivered by the British Business Bank.