More than 3,500 Cork businesses share €14m under cost of business scheme

Approximately 3,600 businesses in Cork city have been granted funding under the Government’s increased cost of business (Icob) scheme.

These businesses shared €14.35m under the scheme, according to Cork City Council.

The Icob grant was designed by the Department of Enterprise, Trade, and Employment as a once-off to help small- and medium-sized firms with the increased costs associated with running a business.

A total of €257m was made available under the scheme nationally as part of Budget 2024 and, to date, €240m has been paid out.

Eligible businesses received a once-off grant as a contribution towards the rising costs they face, with the amount based on the value of the commercial rates paid by the business in 2023.

This grant was valued at a maximum of €5,000 per application.

Rollout

Local authorities, funded through the department, managed the rollout of the grant to qualifying businesses.

Enterprise Minister Peter Burke said he had spoken to dozens of businesses around the country, who availed of a portion of the €240m paid out so far.

“We will continue to work with and support them,” said Mr Burke.

“I would also like to acknowledge the work of the local authorities across the country and thank all the staff involved.

“They have contributed hugely to the success of the scheme.”

Cork City Council chief executive Brian Geaney welcomed the funding.

“I’d like to express my gratitude to the Department of Enterprise, Trade, and Employment and my colleagues in the council for their dedication to supporting the local business community,” Mr Geaney commented.

“The funds accessed by businesses in Cork demonstrate their active engagement with us, as a local authority, and the department, allowing us to continue delivering essential services to the people of Cork.”