Dáil Éireann Debate, Thursday - 12 October 2023
17. Deputy Marian Harkin asked the Minister for Enterprise, Trade and Employment if he will consider specific supports for small and medium operators in the retail sector due to the significant increased costs of operating a business, some that are out of the Government’s control and some that are directly related to Government decisions. [43827/23]
View answerI am very aware of the challenges that SMEs, in particular those operating in certain sectors, continue to face due to the cost of living, crisis. That is why the Government in budget 2024 has announced a package for business owners.
For example, we are introducing the Increased Cost of Business Scheme (ICOB) which will benefit up to 130,000 Small and Medium enterprises.
The aim of the Scheme is to provide financial support to those firms which have been most impacted by additional business costs, by providing a tiered grant equivalent to up to half business rates for this year.
This will also go some way to helping businesses meet the increase in the Minimum Wage to €12.70, which is obviously an important step towards the Government’s commitment to introducing a Living Wage.
I also welcome the range of tax measures in the Budget to assist start-ups and SMEs, including improvements to the R&D Tax Credit.
New funding and advisory programmes have also been put in place to help businesses across the country as part of Budget 2024.
Budget 2024 will deliver a real boost to businesses of all sizes; from an additional €9m to the Local Enterprise Offices which are vital for small businesses across the country, to a further €3m allocated to the Ukraine Credit Guarantee Scheme which provides low-cost loans to SMEs.
Full details of all supports available to businesses including the Business Users Support Scheme for Kerosene which is open until 30th October for applications is available on my Department’s website with a dedicated Retail Sector page.
That said, I recognise that it has become challenging for businesses to find the help they need, when they need it. So, this week I announced a new National Enterprise Hub which will include a dedicated website and phone line with a Hub Advisor to help businesses access State supports. Developed by Enterprise Ireland on behalf the Government, any business can call it for direct help in navigating the comprehensive suite of supports that are being offered to business throughout Ireland.
