Local SMEs receive €4.5 through new support scheme

The state has paid out €4.5m to local SMEs through its Increased Cost of Business (ICOB) Scheme this year.

According to figures released this week, a total 1,364 Westmeath SMEs received grant funding in the first round of the scheme, while 881 businesses in the retail and hospitality sectors received a second grant payment.

Speaking this week, Minister of Enterprise, Trade and Employment Peter Burke says that scheme provides "an essential cash injection into companies that have made such amazing efforts to keep afloat during very difficult trading times".

“Grants of up to €5,000 each were paid out which was linked to the rates bill.

“We focussed on a second payment for all retail and hospitality businesses too, recognising the cost pressures they are under due to regulatory change.

“I will continue to listen and take swift action to help to support these businesses. They are the lifeblood of our economy and so much economic activity spins off from these businesses right into rural Ireland,” commented Minister Burke.

“I spoke to local business people, including Millie Walsh, Bernie Frayne and Simon Lowndes and the feedback was positive and so many were open to the scheme which repays rates paid in 2023. It shows that action was needed and we delivered. I am so aware that I have a short period to deliver to our business sector, and I am delighted that locally the uptake for the scheme was so positive.

“I want to commend Westmeath County Council for their efforts in directing this funding to where it was needed and in mobilising efforts to administer the scheme in a speedy manner. Westmeath County Council was one of the first local authorities in the country to pay out the grant,” concluded Minister Burke.