Increased Cost of Business Scheme
Introducing the Increased Cost of Business (ICOB) Grant: Supporting Small and Medium Businesses
As part of Budget 2024, the Government has approved a significant allocation of €257 million for the Increased Cost of Business (ICOB) Grant, recognizing its importance in assisting small and medium enterprises (SMEs) during challenging times. Administered by Kilkenny County Council and funded through the Department of Enterprise, Trade, and Employment (DETE), this grant aims to alleviate the financial burdens faced by qualifying businesses.
What is the ICOB Grant?
The ICOB Grant is designed to provide financial support to eligible businesses grappling with rising operational costs. While it does not fully offset increases in expenses such as wages, it serves as a valuable contribution towards easing the financial strain.
Grant Amount and Eligibility Criteria
- Businesses with a Commercial Rates bill under €10,000 in 2023 will receive a grant equivalent to 50% of their 2023 bill.
- Those with Commercial Rates bills ranging from €10,000 to €30,000 will receive a fixed grant amount of €5,000.
- Businesses with Commercial Rates bills exceeding €30,000 are not eligible for the grant.
To qualify for the grant, businesses must meet certain criteria:
- The business must be actively trading from a commercially rate able property.
- Trading operations must have commenced by February 1, 2024, with an intention to continue for at least three months from verification.
- Valid bank details must be provided.
- Businesses must be compliant with rates and tax obligations, including possessing a valid Tax Registration Number (TRN).
Where can I find out further information?
General Esquires on the scheme can be made to Local Enterprise Office Kilkenny by email to info@leo.kilkennycoco.ie or by phone on 056 7752662.
If you have queries regarding your commercial rates account including outstanding balances, contact the Rates team at Kilkenny County Council by email rates@kilkennycoco.ie or by phone to 056 7794209 .The rates team are happy to discuss any balances outstanding on your rates and what steps can be taken to ensure compliance with the scheme.
