Fine Gael TD, Fergus O’Dowd, has revealed that 2528 businesses in County Louth have received grants totalling €4,061,201 under the Increased Cost of Business Scheme.

“The Increased Cost of Business Grant closed for registrations in May, and since then over €205 million has been paid to small businesses all over the country. This is a new scheme which provides a cas.h injection to our SMEs, paid directly into their bank accounts.” O’Dowd said

“Small businesses are the lifeblood of our local economy who provide two thirds of the employment nationwide. Many of these SMEs have been hit by increased cost pressures in recent times due to inflation and other factors.

“Minister Burke unveiled a 15-point business plan in May this year, and the Taoiseach has committed to supporting our small businesses through the 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 said: “I am delighted to announce that over €205 million has now been paid out to 82,000 businesses up and down this country.  

“I have spoken to dozens of businesses nationwide who have availed of ICOB and they can be assured that Government will continue to work with them in the coming period, to help negotiate a business environment that offers opportunities.”

“I would also like acknowledge the work of the Local Authorities across the country, which has contributed hugely to the success of the ICOB scheme and I want to thank all the staff involved who continue to process these applications and make payments.”