24th October 2024
Businesses will receive an email from their Local Authorities with details on how to register
Today the Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced the opening of the Power Up grant, through an online portal accessible via the Department’s website: enterprise.gov.ie/powerup
Speaking about the Power Up grant, Minister Peter Burke said:
“I am very aware of the struggles that businesses in the hospitality and retail sectors continue to face. The Power Up grant has a budget of €170 million and is available to businesses that received a second payment under the Increased Cost of Business scheme. We know that input costs have increased, and this flat payment will go some way to help with rising costs associated with running your businesses during the busy Christmas period.
“Registrations for the Power Up grant are open from today. In order to get payments out to our shops, to our small restaurants, to our cafes and to our pubs before the end of the year, I am strongly urging businesses to register without delay. Local Authorities are emailing businesses that qualify with details on how to register as we speak, so all business owners need to check their emails and find their link.
“I want to thank the Local Authorities for their tremendous work in administering these grants on behalf of my department. They are the closest arm of the state to many of our businesses and have direct links in to businesses at a local level.”
Retail and hospitality businesses who received the second ICOB payment can register for the €4,000 one-off Power Up grant, once they receive their email from their Local Authority. This grant will be similar to the ICOB scheme and registration has been specifically designed to be quick and easy. The Local Authority network is administering this scheme on behalf of the Department of Enterprise, Trade and Employment.
Minister of State for Trade Promotion, Digital Transformation and Company Regulation, Dara Calleary TD said:
“The Power Up grant is paid directly into a business’s bank account, a direct injection of cashflow, which we know is imperative for our small family-run businesses. They are a crucial part of our towns and our villages around Ireland and I urge eligible businesses to register and avail of this grant.”
“The Increased Cost of Business (ICOB) scheme has successfully paid out over €244 million to 75,000 SMEs, including two payments to over 38,000 SMEs in the retail and hospitality sector.”
Minister of State for Business, Employment and Retail, Emer Higgins TD stated:
“The government has allocated €170 million in cash supports specifically for the retail and hospitality sectors as part of the budget process. This department has already paid out over €244 million through the Increased Cost of Business grant this summer to SMEs, so this further grant will bring government’s direct support into small businesses this year to almost a half a billion euro.”
The deadline for registrations is 8 November 2024.
ENDS
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