ICOB Grants Boost Dun Laoghaire-Rathdown Businesses with Over €10,000,000
In a significant development for Dun Laoghaire-Rathdown businesses, it has been revealed that over €10,000,000 in Increased Cost of Business (ICOB) grants has been paid out to support small and medium-sized enterprises in the county. This announcement was made by Senator Gerry Horkan, who highlighted the positive impact of these grants on local businesses.
Senator Horkan emphasized the importance of the ICOB scheme in assisting SMEs with the additional costs associated with running a business. The scheme, which is administered by local authorities on behalf of the Department of Enterprise, Trade and Employment, aims to provide targeted support to businesses facing financial challenges.
Government Support for SMEs Nationwide
The ICOB grants are part of a larger government initiative to support small and medium-sized businesses across the country. Minister of State for Trade Promotion, Dara Calleary TD, confirmed that over €200 million has been distributed to 81,000 SMEs nationwide. This financial assistance is crucial for businesses struggling to cover their day-to-day expenses and navigate the economic challenges posed by the ongoing pandemic.
Senator Horkan expressed his satisfaction with the progress of the ICOB scheme, stating, “I’m delighted that nationwide payments under the Increased Cost of Business Scheme have passed the €200,000,000 mark. These funds are directly helping small and medium-sized businesses across the country deal with day-to-day expenses. It’s a practical and targeted Government support.”
Impact on Dun Laoghaire-Rathdown Businesses
In Dun Laoghaire-Rathdown, a total of €10,666,988 worth of ICOB grants has been issued to local businesses. The funds have been distributed in two tranches, with 2,507 businesses receiving €7,270,796 in the first round of payments and 1,035 businesses receiving €3,396,192 in the second round. This financial boost is expected to alleviate some of the financial pressures faced by businesses in the county.
Senator Horkan highlighted the significance of these grants for Dun Laoghaire-Rathdown businesses, stating, “That’s a significant sum of money going directly to local businesses to assist them with ongoing challenges. Fianna Fáil in Government is committed to helping small businesses across the country.”
Nationwide Support for SMEs
The ICOB scheme has provided much-needed relief to small and medium-sized businesses nationwide. To date, a total of 71,672 businesses have received their first payments, amounting to €148 million. Additionally, €58 million has been distributed in second payments, bringing the total amount of grants paid out to €205 million.
With a total of €257 million available under the scheme, further payments are expected to be made on a daily basis to support SMEs in overcoming financial hurdles and sustaining their operations.
Overall, the ICOB grants have proven to be a lifeline for businesses across the country, providing vital financial assistance during these challenging times. The government’s commitment to supporting SMEs is evident through initiatives like the ICOB scheme, which aim to bolster the resilience and sustainability of small businesses in the face of economic uncertainty.