Waterford Minister Mary Butler has confirmed that the Increased Cost of Business Grant (ICOB) has reopened for applications for a further 14 days.
Minister Butler has urged all eligible Waterford business owners to consider applying for the grant while the extended deadline remains open for the next two weeks.
“According to figures I requested from the Department of Enterprise, Trade & Employment, only 1,887 of the estimated 3,355 eligible businesses in Waterford have applied for this grant thus far. That is only a rate of about 56%, so it is important to make sure that business owners are aware that the deadline has been extended,” said Minister Butler.
The grant is intended to be paid at a rate of half the enterprise’s commercial rates bill in 2023 for firms paying up to €10,000 in rates. For those paying between €10,000 and €30,000 in rates, they will receive a grant of €5,000.
Businesses with compliant payment plans for commercial rates may also be eligible for ICOB supports.
For businesses in retail and hospitality, including those who have already submitted an application, a double ICOB payment will be made. For example, if a retail or hospitality business was approved for €3,000 previously, they will be due a further payment of €3,000.
Minister Butler continued: "Our small and medium businesses are the backbone of our local economy and provide much valued employment in communities across the county. They are vital to Waterford’s success and are central to our ability to build and sustain successful economic growth in the South East”.
“The challenges faced by these businesses, due to the rising cost of doing business, are having a significant impact. It’s so important that we listen to stakeholders in the business community and respond to the challenges they highlight with us,” she said.
"This scheme is designed to help those businesses who need it most to meet their increased costs. I am delighted that businesspeople and enterprises in Waterford will now have a further opportunity to apply for this support over the next fortnight,” Minister Butler added.
