Senator Erin McGreehan has confirmed more than €5,000,000 has been paid to Louth businesses under the Increased Cost of Business (ICOB) scheme.

It comes as her party colleague Minister of State for Trade Promotion Dara Calleary TD, confirmed payments under the Government grant scheme reached more than €200 million nationwide to some 81,000 small and medium sized businesses (SMEs).

The ICOB grant was designed to help SMEs with the increased costs associated with running a business and was administered by the local authorities on behalf of the Department of Enterprise, Trade and Employment.

“I’m delighted that nationwide payments under the Increased Cost of Business Scheme have passed the €200,000,000 mark,” Senator McGreehan said.

“These funds are directly helping small and medium sized businesses across the country deal with day-to-day expenses. It’s a practical and targeted Government support.  

“In Louth, a total of €5,601,075 worth of payments were issued to businesses in the county. Some 2,084 businesses received €4,061,201 in the first tranche of payments and 559 businesses received €1,539,874 in the second round of payments.

“That’s a significant sum of money going directly to local businesses to assist them with ongoing challenges.”  

“Fianna Fáil in Government is committed to helping small businesses across the country.”

Nationwide some 71,672 small and medium sized businesses have received their first payments, totalling €148 million, under the scheme. A further €58 million in second payments have been made, bringing the total to €205 million to date.

A total of €257 million is available under the scheme and further payments continue be made on a daily basis.

–ENDS–