Increased Cost of Business grant scheme payments exceed 200m [Video]

The Government’s Increased Cost of Business (ICOB) grant scheme has now exceeded €200m in payments.

The ICOB grant was designed to help SME’s 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.

The grant scheme was introduced in the last Budget as a package of measures worth €257m to assist SMEs in battling inflation.

An estimated 120,531 businesses are eligible for the scheme and to date payments have been made to 81,829 small and medium businesses around the country.

Minister for Enterprise, Trade and Employment Peter Burke TD said: “I am acutely aware of the challenges facing businesses over the last period and this scheme was devised to support businesses and provide a welcome and much needed cash injection to assist with costs.

“Small and medium enterprises are the backbone of our economy, employing two thirds of all of workers in this …