14th August 2024
81,829 businesses have so far benefited from ICOB
Minister for Enterprise, Trade and Employment Peter Burke TD, Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary TD and Minister of State for Business, Employment and Retail Emer Higgins TD have welcomed the news that payments to 81,829 small and medium businesses around the country under the Government’s Increased Cost of Business (ICOB) Grant Scheme have now exceeded €200 million.
The ICOB grant was designed to help SMEs with the increased costs associated with running a business and was administered by the local authorities on behalf of the Department of Enterprise, Trade and Employment.
Minister Burke said:
“I am acutely aware of the challenges facing businesses over the last period and this scheme was devised to support businesses and provide a welcome and much needed cash injection to assist with costs. Small and medium enterprises are the backbone of our economy, employing two thirds of all of workers in this country, and I am delighted that the government backed my plan to assist them, with payments now received by businesses totalling €200 million under this scheme.
“I have spoken to dozens of businesses around the country who have availed of ICOB and they can be assured that government will continue to work with them in the coming period, to help negotiate a business environment that offers opportunities.
“We have seen that retail and hospitality businesses are currently experiencing the most severe cost pressures, and government has responded to this by providing a double payment to these SMEs. I would also like to acknowledge the work of the local authorities across the country which has contributed hugely to the success of the ICOB scheme and thank all the staff involved.
Minister Calleary added:
As a government we have introduced a number of measures to help businesses deal with ongoing challenges. I am delighted that there has been such a high take up of the ICOB grant. This support puts money directly into businesses and helps them to meet day to day expenses. I know from speaking to people who availed of ICOB that the grant was very helpful and the government will continue to provide our businesses with practical and targeted supports.”
Minister Higgins said:
“I am delighted that over 81,000 business throughout the country have drawn down €200 million in support from this grant so far with more applications to be paid out in the coming weeks. From speaking to those in the retail and hospitality sectors the double payment has been very helpful to their businesses. In my role as Minister for Business, Employment and Retail I will continue to engage with our businesses and ensure that the government continues to support them in providing an environment where their businesses can flourish.”
A total of €257 million is available under the scheme and further payments continue be made on a daily basis.
ENDS
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