Thousands of Cork businesses benefitted from increased cost grants

More than 3,500 businesses in Cork city have benefitted from a total of €9,198,502 under the Increased Cost of Business Scheme.

The Increased Cost of Business Grant closed for registrations in May, and since then more than €205 million has been paid to small businesses all over Ireland under the scheme, which provides a cash injection to SMEs paid directly into their bank accounts.

Minister Colm Burke said: “In Cork city, we see that €9,198,502 has been paid to 3,598 individual businesses, directly by Government,” he said.

“We know that small businesses are the lifeblood of our local economy in Cork.

They provide two thirds of the employment nationwide and many have been hit by increased cost pressures in recent times due to inflation and other regulatory change.”

Mr Burke said that he raised these cost pressures with Minister for Enterprise Peter Burke, and was glad that the scheme was designed with these pressures in mind.

He continued: “Fine Gael is the pro-enterprise party, and understand that businesses face significant cost increases.” 

Committed

He added that he had unveiled a 15-point business plan in May this year, and Taoiseach Simon Harris has committed to supporting small businesses via a budgetary process.

“We know that retail and hospitality businesses are facing the most acute pressure, and this is why they are receiving a second payment under the ICOB scheme, with €56 million of second payments already issued.”

Minister for Enterprise, Trade and Employment Peter Burke acknowledged the work of the local authorities across the country, which he said “has contributed hugely to the success of the ICOB scheme.”

“I want to thank all the staff involved who continue to process these applications and make payments.”