I received details that 2,469 businesses in Offaly will be potentially eligible for the Increased Cost of Business (ICOB) grant, announced as part of Budget 2024. This grant is intended to benefit small and medium sized businesses who operate from a rateable premises.  

  Pictured with Minister for Justice and Equality James Browne and Tánaiste, Leo Varadkar.

While this grant is not intended to directly compensate for all increases in wages, or other costs, nor is it limited to businesses of a particular size, it is intended to assist businesses who have been affected by increases in the cost of doing business. The total allocation for the ICOB grant nationally is €257m. Local Authorities, including Offaly County Council will operate this scheme and it is intended that the grant will be provided to qualifying firms in the first quarter of this year.

I understand that there may not be a formal application process, rather that businesses will be contacted directly by their Local Authority in due course. It is also intended that each Local Authority will take steps to raise awareness of the grant.

The grant scheme has been set up in this way to ensure that the scheme is accessible to smaller businesses, who may have had difficulties availing of previous schemes. I very much look forward to as many of the eligible Offaly businesses as possible availing of this grant.

Cllr Mark Hackett, Edenderry Municipal District, highlighted the role of Offaly Local Enterprise Office in providing supports for businesses: “The Offaly Local Enterprise Office recently ran an information event and I was very struck by the suite of supports available to small businesses. These are in the areas of Lean, Green and Digital and include the Trading Online Voucher, Green for Business, and the Energy Efficiency Grant. I’d suggest that every small business in Offaly get in touch to see how they can be supported in saving time, energy, and money.”

In order to qualify for the ICOB grant, a business must, at a minimum, meet the eligibility conditions set out below:

• The business is a commercially trading business operating directly within a premises that is commercially rateable by a Local Authority.

• The business has provided confirmation of its bank details to the respective Local Authority.

• The business is rates compliant, including those businesses with a phased payment arrangement in-place.

• The business is tax compliant, and in possession of a valid Tax Registration Number.