The deadline for businesses to apply for the Increased Cost of Business Grant (ICOB ) must be extended beyond Wednesday, May 1, to ensure they receive this vital support, local Fine Gael Senator Aisling Dolan has said.
Senator Dolan urged all local authorities, who are currently administering the scheme on behalf of the Department of Enterprise, Trade and Employment, to proactively engage with businesses and allow them more time to avail of the scheme.
“This €257 million package which was announced in Budget 2024 by my colleague, former Enterprise Minister Simon Coveney, will provide a real boost to micro businesses and small and medium enterprises and recognises the ongoing challenges which they are facing.
“For businesses with a 2023 Commercial Rate bill of less than €10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023. For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
“However, the deadline for businesses to confirm their eligibility and upload verification details is fast approaching in a couple of weeks on May 1st and uptake remains low in some parts of the country.
“In my own constituency, 1,522 eligible businesses have yet to draw down this fund and I would urge them to do so through the online portal at mycoco.ie If they need to do so, businesses can also contact their respective local authority, which have written to all rate payers with a Customer ID and pin.
“I’ve visited businesses within my constituency to promote the ICOB supports. I have sat down with shops and café owners and helped them put through an application. It is a more simplified process, however the challenge is lack of time for so many business owners.
“We need to see a higher take-up in each county, with a total of 99,632 out of a total 129,491 eligible business yet to apply. Therefore I want to see the May 1st deadline extended to allow businesses the extra time to avail of this support.
“I believe there should be pro-active direct email engagement by Local authorities and Local Enterprise Offices to businesses that have yet to avail of this support.
“I want to see all entrepreneurs and business owners in shops, pubs, cafés, hairdressers and more in towns and villages across Ireland get 50% of their rates back. I would also like to thank my colleague, Enterprise Minister Peter Burke, for his ongoing engagement on this issue and for his commitment to supporting businesses,” Senator Dolan concluded.
