Government pays out 400m in SME supports in 2024 [Video]

The government has provided €400m in grant support to small businesses this year through the Power Up and Increased Cost of Business (ICOB) schemes.

The schemes were designed by the Department of Enterprise, Trade and Employment and administered by the local authorities with the aim of helping firm with increased costs associated with running a business.

The Power Up Grant was announced as part of Budget 2025, and More than €154m has been paid to 38,500 businesses since applications closed on 22 November.

The ICOB scheme paid €244m during the summer to over 75,000 businesses, including a double payment for businesses in the retail, hospitality and beauty sectors.

“The Increased Cost of Business scheme and the Power Up grant have been hugely successful this year. My Department has paid out just under €400m this year alone to businesses in need across the country,” said Minister for Enterprise, Trade and Employment Peter Burke.

“This is a significant amount of money that has …