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Claim your grant now: The ICOB Grant Scheme for Businesses

Kelly Bradshaw Dalton understands the challenges small and medium-sized enterprises face, especially when it comes to managing operational costs. To help alleviate these burdens, the Government has introduced the Increased Cost of Business (ICOB) Grant Scheme as part of the 2024 Budget. We’re here to guide you on how to leverage this opportunity to bolster your business’s financial health.

About the ICOB Grant Scheme

The ICOB Grant Scheme is a significant initiative funded by the Government, designed to support businesses grappling with increased operational costs. Administered by Local Authorities under the supervision of the Department of Enterprise, Trade and Employment, the grant offers a one-time financial aid package totaling €257 million. This is a direct response to the rising costs that businesses endure and is not a replacement for regular commercial rates payments, which must continue as usual.

Eligibility and Grant Details

To benefit from this scheme, your business must:

  • Be actively trading from a commercially rateable property.
  • Have received a commercial rates bill in 2023 of less than €30,000.
  • Be compliant with local commercial rates and tax obligations.

The grant amount varies based on your 2023 commercial rates bill:

  • Businesses with a rates bill of less than €10,000 will receive 50% of that bill.
  • Those with a bill between €10,000 and €30,000 will get a fixed grant of €5,000.
  • Unfortunately, properties with a rates bill exceeding €30,000 are not eligible.

How to Claim Your ICOB Grant

Registration and claims for the ICOB grant are straightforward. Here’s how you can secure your grant:

  1. Registration: Your local authority will provide a customer number and PIN via mail. You will need these details to register on the official ICOB portal.
  2. Documentation: Be prepared to submit your tax compliance details, a recent bank statement header, and other relevant business information.
  3. Online Application: Visit ICOB Registration to start the registration process. This portal is the most efficient way to apply for the grant.

Key Dates

  • Registration Opens: March 14, 2024
  • Deadline: May 1, 2024
  • Payment Commencement: Late April 2024

Need Help?

Should you require any assistance during your application process, feel free to contact your local Rates team (contact Dublin City Council at / 01 222 2171) or reach out to us at Kelly Bradshaw Dalton. We are more than happy to guide our clients through the registration process to ensure you maximise this opportunity.

Final Thoughts

The ICOB Grant is a valuable resource for businesses striving to manage increased operating costs effectively. As your trusted real estate partner, Kelly Bradshaw Dalton is committed to supporting our clients in navigating these challenging economic times. Take advantage of this grant to enhance your business’s sustainability and continue thriving in a competitive market.

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