Minister for Business, Employment and Retail and local TD Emer Higgins has announced that 2,789 businesses in South Dublin have benefitted from a total of €7,939,052 under the Increased Cost of Business Scheme.
Minister Higgins said “The Increased Cost of Business Grant closed for registrations in May, and since then over €205 million has been paid to small businesses all over the county. In the South Dublin County Council area, we see that almost €8 million has been paid to over 2,700 individual businesses, directly by Government. This is a new scheme which provides a cash injection to our SMEs, paid directly into their bank accounts.
“We know that small businesses are the lifeblood of our local economy in Dublin Mid West. They provide two thirds of the employment nationwide and many have been hit by increased cost pressures in recent times due to inflation and other regulatory change. I have raised these cost pressures directly with Minister for Enterprise Peter Burke and I am glad that this scheme was designed with these pressures in mind.
“Fine Gael is the pro-enterprise party, and we understand that businesses are facing significant cost increases. Minister Burke unveiled a 15-point business plan in May this year, and the Taoiseach has committed to supporting our small businesses through the budgetary process. We know that retail and hospitality businesses are facing the most acute pressure, and this is why they are receiving a second payment under the ICOB scheme, with €56 million of second payments already issued”.
Minister for Enterprise, Trade and Employment Peter Burke said “I am delighted to announce that over €205 million has now been paid out to 82,000 businesses up and down this country. I have spoken to dozens of businesses nationwide 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. “I would also like acknowledge the work of the Local Authorities across the country, which has contributed hugely to the success of the ICOB scheme and I want to thank all the staff involved who continue to process these applications and make payments.
Minister Emer Higgins continued “A total of €257 million was made available by Government under this Scheme and has been issued to Local Authorities by the Department, and we continue to see this being drawn down day after day. While we are at full employment, we cannot get complacent when it comes to supporting our business community and job creation, and I will be pursuing further pro-business measures ahead of Budget 2025”.
