Minister for Enterprise, Trade and Employment Simon Coveney has announced that the government has signed off an increased package of €257 million for the Increased Cost of Business (ICOB) grants. The grant was announced as part of Budget 2024 and will be paid in once-off grants to small and medium businesses in the first quarter of next year.
Minister Coveney said, “I am pleased to announce that the government has approved a fund of €257 million for the ICOB grant. This fund will reach 143,000 businesses which is 95% of all rateable businesses in all corners of Ireland. It is well known that many businesses have seen an increase in their costs through a number of factors. This payment is not intended to compensate for all of the increased costs but the money will provide a welcome cash injection for many businesses. We will continue to monitor what remains a challenging businesses environment and continue to support our businesses.”
Minister for Trade Promotion, Digital and Company Regulation, Dara Calleary said, “we are acutely aware of the ongoing cost challenges faced by businesses. As clearly demonstrated throughout the lifetime of this government, we have listened and responded to the needs of business. This scheme will help those businesses who need it most to meet their increased costs. I particularly welcome the adjustments that have been made to the original scheme design to include more businesses and the efforts made to target the small and micro enterprises who are part of the fabric of every community across the country. Along with the other government schemes and regulatory responses that have been introduced, I want small and micro businesses to know that we are committed to supporting their long-term viability.”
Minister of State for Business, Employment and Retail, Neale Richmond, said, “this government is proud to back businesses and has done so consistently with targeted supports over recent years. This scheme is another example of this, with a cash injection of up to €5,000 being provided to over 140,000 businesses in recognition of the costs faced by businesses across the country. This scheme is targeted to small and medium businesses, many of which are at the heart of communities right across the country and who are most impacted by these costs. We are making this process easy for businesses; the scheme is readily accessible with no formal application process or paperwork and will benefit businesses in early 2024 when they need it the most.”
The grant will be targeted at small and medium businesses operating directly within a premises that is commercially rateable by a local authority. It is a once-off grant aid provision and will have no bearing on the commercial rates paid by firms.
The grant is intended to be paid at a rate of half the enterprise’s commercial rates bill in 2023, for firms paying up to €10,000 in rates. For those paying between €10,000 and €30,000 in rates, they will receive a grant of €5,000. No grant will be available for firms paying more than €30,000.
