OVER €11million has been paid to businesses in Limerick under the Increased Cost of Business (ICOB) scheme.
The ICOB scheme was introduced to help small and medium enterprises (SMEs) with the increased costs of running a business.
€11.2million has been given to businesses in Limerick under the fund, which is administered by local authorities.
Nationally, payouts under the scheme have totalled €200million since the scheme was introduced in the past year.
Limerick Minister of State Niall Collins said that the scheme is a practical support for businesses across the country.
“I’m delighted that nationwide payments under the Increased Cost of Business Scheme have exceeded the €200million mark,” Minister Collins 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.”
He added that “a total of €11,216,205 worth of payments were issued to businesses by Limerick City and County Council. Some 3,675 businesses received €7,287,670 in the first tranche of payments and 1,540 businesses received €3,928,535 in the second round of payments”.
Nationwide, almost 72,000 businesses have received their first funding under the grant scheme, coming to a total of €148million.
A further €58million in second payments have also been made, bringing the total to €205million to date.
A total of €257 million is available under the scheme and further payments continue be made on an ongoing basis.
Minister Collins said that “they are significant sums of money going directly to local businesses to assist them with ongoing challenges.”
