The Minister for Enterprise, Trade and Employment Peter Burke, has announced several measures to support small and medium-sized businesses (SMEs) in response to rising costs. Key initiatives include:
- Reopening the Increased Cost of Business (ICOB) Scheme until May 29th 2024. A second payment for retail and hospitality sectors also introduced.
- Doubling the Innovation Grant Scheme to €10,000.
- Increasing the Energy Efficiency Grant Scheme to €10,000 and reducing the business contribution rate from 50% to 25%.
- Expanding the Trading Online Voucher to all sectors with up to 50 employees and doubling the grant to €5,000.
- Raising the Microfinance Ireland loan limit to €50,000.
- Broadening eligibility for the Digital for Business Consultancy Scheme to all sectors with up to 50 employees.
- Launching ‘Ireland’s Best Entrepreneur Programme’ to encourage entrepreneurship among under-represented groups.
- Creating the National Enterprise Hub for SMEs to access government business support information.
- Enhancing the SME Test to evaluate policy impacts on SMEs
Additional measures include increasing the employer PRSI threshold to ensure lower rates for those on minimum wage, using the National Training Fund surplus to support workforce skills in SMEs, and waiving fees for outdoor dining permits until the end of 2024.
These measures aim to ensure the financial sustainability and growth of SMEs, which are crucial to Ireland’s economy and community employment. The government plans to further highlight its commitment to this sector in Budget 2025. Read more here.
