Over 5,000 Mayo businesses to qualify for Increased Cost of Business grant

IT is estimated that 5,099 business across Mayo will qualify for the Increased Cost of Business (ICOB) grant, says local Fianna Fáil Minister Dara Calleary.

An increased package of €257 million for the ICOB grant was announced as part of Budget 2024.

The grant, funded by the Department of Enterprise Trade and Employment, will be targeted at small and medium businesses operating directly within a premises that is commercially rateable by a local authority.

The grant is intended to be paid at a rate of half the enterprise’s commercial rates bill in 2023, for firms paying up to €10,000 in rates. For those paying between €10,000 and €30,000 in rates, they will receive a grant of €5,000.

Said Minister Calleary: “I am acutely aware of the ongoing cost challenges faced by businesses across Mayo. It has been my priority and the priority of Fianna Fáil in government to listen and respond to those challenges.

“This scheme will help those businesses who need it most to meet their increased costs. I particularly welcome the adjustments that have been made to the original scheme design to include more businesses and the efforts made to target the small and micro enterprises who are part of the fabric of every community across the country.

“I understand that Mayo County Council will be communicating with qualifying businesses in the coming days regarding the payment arrangements for the grant.”

Minister Calleary said Fianna Fáil in government are committed to supporting the long term viability of small and micro businesses and that he continues to work on responses to the current difficulties been faced by businesses.