06/03/2026
Finance Minister Highlights Success of Rates Relief Scheme
Finance Minister John O'Dowd has called on business owners to take advantage of the financial support provided through the Back in Business scheme.
The Minister made the comments during a visit to a new wellness centre in Mid Ulster, which has successfully repurposed a long-term vacant bank building.
The Back in Business initiative offers a 50% discount on business rates for up to two years for firms moving into retail properties that have been unoccupied for 12 months or more. One such success story is The Vault Recovery in Draperstown, which has transformed a local landmark that sat empty for nine years into a modern health facility.
Reflecting on the impact of the scheme, Minister O'Dowd said: "The Back in Business scheme is designed to bring life, energy and investment back into our high streets, while giving new and expanding businesses an essential boost at the start of their journey.
"The Vault recovery is a prime example of such a business and I was pleased to see first-hand how the Back in Business scheme is making a real difference. A building which was vacant for nine years has been brought back to life with a vibrant business that is bringing services to the local community and helping increase footfall for neighbouring businesses."
The Minister added: "I would urge anyone planning to start or grow a business to consider locating to a vacant retail unit and avail of the support on offer through Back in Business."
Since the scheme was reintroduced in May 2024, 12 businesses within the Mid Ulster area have collectively benefited from over £47,200 in rates relief.
Cathal and Roisin McDaid, the owners of The Vault Recovery, explained how the support assisted their venture: "The Back in Business Scheme benefited us because it gave us that extra cash-flow to invest into the business.
"The old Bank of Ireland building has now been transformed into a premium recovery space which can cater to everyone, whether it is on the pitch, in the workplace or just everyday life. Recovery is for everyone, not just those that play sport or go to the gym."
The Minister made the comments during a visit to a new wellness centre in Mid Ulster, which has successfully repurposed a long-term vacant bank building.
The Back in Business initiative offers a 50% discount on business rates for up to two years for firms moving into retail properties that have been unoccupied for 12 months or more. One such success story is The Vault Recovery in Draperstown, which has transformed a local landmark that sat empty for nine years into a modern health facility.
Reflecting on the impact of the scheme, Minister O'Dowd said: "The Back in Business scheme is designed to bring life, energy and investment back into our high streets, while giving new and expanding businesses an essential boost at the start of their journey.
The Minister added: "I would urge anyone planning to start or grow a business to consider locating to a vacant retail unit and avail of the support on offer through Back in Business."
Since the scheme was reintroduced in May 2024, 12 businesses within the Mid Ulster area have collectively benefited from over £47,200 in rates relief.
Cathal and Roisin McDaid, the owners of The Vault Recovery, explained how the support assisted their venture: "The Back in Business Scheme benefited us because it gave us that extra cash-flow to invest into the business.
"The old Bank of Ireland building has now been transformed into a premium recovery space which can cater to everyone, whether it is on the pitch, in the workplace or just everyday life. Recovery is for everyone, not just those that play sport or go to the gym."
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