Financial support has been extended to travel and tourism businesses hit hard by the continuing border closures.

The strategic capacity scheme, the coronavirus business support scheme and the financial assistance scheme have all been extended for these sectors to March 31, as has the salary support scheme.

As part of the economic recovery plan, a further £4.5m has been allocated to the strategic capacity scheme to provide support from October.

Funding provides support for all eligible premises, regardless of their star rating or whether they secured payments in previous rounds.

There is also a £1.7m extension to the coronavirus business support scheme.

This offers a grant payment of up to £3,000 to businesses who get more than 50% of their annual income from outbound or inbound travel and tourism activities.

They must be able to demonstrate that the ongoing border restrictions have caused a 50% reduction in turnover.

Under the financial assistance scheme, travel and tourism businesses can apply for up to 50% of residual salaries and overheads, if they can demonstrate a reduction in turnover of 25% or more.

Meanwhile, applications for the coronavirus business working capital loan agreement opened this week.

The scheme provides up to £10m of working capital lending to local businesses who have been adversely affected by Covid-19.

It has been created in direct response to the financial challenges facing businesses as a result of the pandemic.

The agreement, supported by Conister Bank and Santander International, provides loans of up to £250,000, 100% backed by government.