The former economy Minister, Lord Empey, has appealed for more help for the large number of small and micro businesses facing the biggest challenge they have ever confronted.

Lord Empey said:

“Northern Ireland's economy is made up of SMEs and a large number of micro or even one person businesses. There have been a series of announcements in recent days from the Chancellor, as well as our local Assembly, offering various forms of help.

“However, many of these schemes have not been fully worked out, and many of our small businesses are immediately starved of cash with forced closures and no customers.

“I think it would be helpful if Invest NI, working with the Department for the Economy, drew up a scheme to offer professional help to these businesses and individuals, to help guide people though the complexity of what is on offer. Such a scheme could give grants to these firms to engage accountants and business advisers on the best way forward for them and to help them establish what help they can apply for.

“I would also ask that the main accountancy bodies - especially the bigger firms - would undertake this work at as modest a cost as possible, making this their contribution to the restoration of our economy.

“It would be a shame if individuals, many of whom have worked for years to build up their businesses, were to see them fail because they maybe don't grasp all that is on offer, or through lack of advice on how to manage their particular circumstances. Banks could be reassured if a firm had good professional advice and help drawing up a recovery plan.

“With the lowest unemployment rate for years, it would be a tragedy to see that performance lost and for Northern Ireland to go back to the bad old days of high unemployment and lack of opportunity for our young people. Now is the time to act. It will cost less in the end than having to pay out vast amounts of unemployment and other benefits in the future.”