€4M in Government grants paid to 2,528 businesses in Louth

Louth TD, Fergus O’Dowd, has confirmed that 2,528 businesses in Louth have benefitted from a total of €4,061,201 under the Increased Cost of Business Scheme (ICOB).

The ICOB grant was designed to help SMEs with the increased costs associated with running a business and was administered by the local authorities on behalf of the Department of Enterprise, Trade and Employment. 

Sharing the details of the ICOB payments in Louth, Deputy O’Dowd said that, "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 country. 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 who provide two thirds of the employment nationwide. Many of these SMEs have been hit by increased cost pressures in recent times due to inflation and other factors.

The Fine Gael TD added, “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.”

Confirming that over €205 million has been paid to small businesses nationally, 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."

He added,  “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."