Just over a third of eligible local businesses have applied for ICOB grant
Just over a third of eligible local businesses have applied for the Increased Cost of Business (ICOB) Grant worth up to €5,000.
As of April 24, only 36 per cent of all eligible businesses in Westmeath had availed of the grant. It has been estimated that a total of 2,206 businesses are eligible for the grant in Westmeath. The closing date for applications is next Wednesday, May 1.
Fianna Fáil Senator Paul Daly has urged all eligible local business owners to apply for the grant before the closing date.
"I am acutely aware of the ongoing cost challenges faced by businesses across Westmeath. It has been my priority and the priority of Fianna Fáil in government to listen and respond to those challenges.
"I received confirmation from my party colleague Minister of State at the Department of Enterprise, Dara Calleary TD, that 36% of eligible Westmeath businesses have registered for the payment.
"I would encourage all eligible business owners in the county to apply for the grant worth €5,000 and to do so before the May 1 deadline. This scheme is designed to 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."
Senator Daly concluded saying that Fianna Fáil in Government is committed to supporting the long term viability of small and micro businesses.
An increased package of €257 million for the ICOB grant was announced as part of Budget 2024. It aims 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.