Niamh Smyth
Question:33. Deputy Niamh Smyth asked the Minister for Enterprise, Trade and Employment for an update on the supports available to businesses with the rising cost of energy in running a business. [44133/23]
View answerThursday, 12 October 2023
Questions (33)
Written answers
I am very aware of the challenges that continue to face businesses due to the cost of living, crisis. That is why the Government in budget 2024 has announced a package for business owners.
As a Government, we have supported businesses with targeted interventions and supports, particularly through the extraordinary challenges of recent years. I recognise though that those challenges haven’t gone away, including very high energy costs. For that reason, we’re 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.
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.
Further changes were announced to R&D tax credits which increase from 25% to 30% and the increase in the payment threshold to €50,000. The increase in the rate will mean that any companies in-scope will be eligible to the same value of the R&D tax credit before the implementation of the new minimum effective corporation tax rate.
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 www.enterprise.gov.ie.
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.