Government Welcomes €200m Milestone In SME Payments

The government has welcomed the news that payments under the Increased Cost of Business (ICOB) Grant Scheme have exceeded €200 million, benefiting 81,829 small and medium businesses nationwide.

The ICOB grant, aimed at assisting SMEs with rising operational costs, is administered by local authorities on behalf of the Department of Enterprise, Trade and Employment.

Minister for Enterprise, Trade and Employment, Peter 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 of State for Trade Promotion, Digital and Company Regulation, Dara 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 of State for Business, Employment and Retail, Emer 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, with payments continuing on a daily basis.