Increased Cost of Business (ICOB) Grant

March 26, 2024
|In Small Business
|By denise fay
The Increased Cost of Business Grant is a one time financial aid to help SMEs with the increased costs of running a business.

The €257 million Increased Cost of Business (ICOB) grant was announced by the Minister for Enterprise, Trade and Employment Minister Simon Coveney in December 2023. The ICOB is a one time, once off, financial aid to help eligible SMEs with the increased costs of running a business.

The government recognised the cost of running a business and this initiative is to support SMEs to keep running a business and contribute to the sustainability of the SME sector. The grant is intended as an aid to small and medium sized businesses and the grant can be spent at the discretion of the SME.

The grant will be paid to SMEs who operate directly within a premises that are commercially rateable by a local authority and the grant will be based on the value of the commercial rates bill paid by the SME in 2023.

While the calculation is based on SMEs paying rates, this ICOB grant is not a commercial rates waver and businesses should continue to pay their rates as normal.

The Scheme is funded by the Department of Enterprise and is in the process of being rolled-out by the 31 Local Authorities.

Who can avail of this Increased Cost of Business Grant?

SMEs who operate directly within a premises that are commercially rateable by a local authority may be eligible to receive the grant.

The following is the list of the main qualifying criteria:

  • Your business must be a commercially trading business currently operating from a property that is commercially rateable.
  • Your business must have been trading on 1st February 2024 and you must intend to continue trading for at least three months from the date you verify your information.
  • You must provide confirmation of your bank details.
  • Your business must be rates compliant. Businesses in performing payment plans may be deemed to be compliant.
  • Your business must be tax compliant and must possess a valid Tax Registration Number (TRN).

How much grant is available?

The grant value for qualifying businesses is calculated based on 2023 rates bill for their property.

Businesses with a 2023 rates bill for their property of

  • up to €10,000 will receive a grant that equals half of their bill,
  • from €10,000 to €30,000, a fixed grant of €5,000 will be provided.

Businesses with a 2023 rates bill for their property over €30,000 do not qualify for this grant.

Where can SMEs avail of the ICOB grant?

Each local authority will manage the rollout of the grant to qualifying businesses.

Applications are open with some local authority offices, while others are finalising their systems and will open in the coming weeks. You are advised to check your local authority websites. Each local authority is required to provide a contact number and/or email address for queries.

The closing date for businesses to confirm eligibility and to upload verification details will be 1st May 2024.