Over €3.1m. of ICOB grants paid out to Mayo SMEs

OVER €3.12 million worth of Increased Cost of Business (ICOB) grants have been approved to over 1,500 small and medium sized SMEs in Mayo, Fianna Fáil Minister of State for Enterprise Dara Calleary has confirmed.

The Mayo TD also said his department will begin paying the second €5,000 cash support for retail and hospitality businesses in the coming weeks.

The ICOB grants, which were announced as part of Budget 2024, aimed to assist 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.

The scheme has ended and any remaining payments will be made shortly.

Said Deputy Calleary: “I’m delighted to announce that nationwide a total of 65,392 businesses have benefitted from these important once-off grants designed to assist business owners who are struggling with escalating costs.

“Some €132.4 million was paid out in the first round of payments. A further €15.4 million worth of payments will be made in the coming weeks. It will bring the total to €147.8 million. Some 88% of all registrations were approved.

“In Mayo, a total of 1,522 business have received over €3.12 million in payments.

“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.”

Minister Calleary added that Fianna Fáil in government will continue to support the long term viability of small and medium businesses.