In a significant boost for small and medium-sized enterprises (SMEs) across Ireland, the government has announced that payments under the Increased Cost of Business (ICOB) Grant Scheme have surpassed €200 million. This milestone marks a vital lifeline for 81,829 businesses struggling with rising operational costs.
The ICOB grant, managed by local authorities on behalf of the Department of Enterprise, Trade and Employment, was designed to alleviate financial pressures on SMEs, which are the backbone of the Irish economy, employing two-thirds of the workforce.
Minister for Enterprise, Trade and Employment, Peter Burke, praised the scheme’s impact, noting the substantial support it has provided to businesses nationwide. “Small and medium enterprises are the backbone of our economy,” said Burke. “This €200 million injection is crucial in helping them navigate challenging times.”
Retail and hospitality businesses, particularly hard-hit by cost pressures, have been given a double payment under the scheme, a move that has been widely welcomed. Ministers Dara Calleary and Emer Higgins echoed Burke’s sentiments, emphasizing the government’s ongoing commitment to supporting SMEs with practical and targeted measures.
With €257 million allocated to the ICOB scheme, further payments are expected to continue, providing essential support to businesses as they adapt to the evolving economic landscape.