Dáil Éireann Debate, Wednesday - 18 October 2023
142. Deputy Violet-Anne Wynne asked the Minister for Enterprise, Trade and Employment how the people of Clare will benefit from his Department’s allocations in Budget 2024; and if he will make a statement on the matter. [45771/23]
Amharc ar fhreagraLast week the Minister for Enterprise, Trade and Employment, Simon Coveney TD, announced a Budget 2024 package which recognises the ongoing challenges businesses are facing across the country, including in Clare.
Overall funding allocated to the Department in Budget 2024 increased by 3.7% to €979m, including a €26m increase in capital expenditure to €584m, and a €9m increase for current expenditure to €395m.
Some of the key items announced that the people of Clare will benefit from include:
• An allocation of approximately €250 million to the new Increased Cost of Business Scheme (ICOB). This scheme will provide a targeted grant payment for businesses operating out of a rateable premises, at a rate of up to half their commercial rates bill, subject to a prescribed limit. The intention is to provide a welcome relief and a cash injection to shops and small businesses, many of which are at the heart of our towns and main streets – from Ennis to Shannon and across all of Clare.
• Enterprise Ireland will administer a new Smart Regions Enterprise Innovation Scheme (SREIS) which will assist in delivering on the objectives set out in the nine Regional Enterprise Plans and support projects aligned to those Plans. The first call for €35 million under the new Scheme was announced. The overall objective of the Scheme is to drive job creation and enterprise development. It will provide an opportunity for regional stakeholders to unlock potential from the bottom up through collaboration. I look forward to seeing innovative enterprise focused projects from all regions of the country – including Clare – applying for this funding.
• IDA Ireland continues its commitment to the pursuit of more balanced regional development. An additional €27 million will be provided to the IDA to accelerate its regional property and grants programmes.
• The capital allocation of the Local Enterprise Offices is also being increased by 25%. This additional funding will be targeted primarily at helping SMEs and micro businesses to digitalise and decarbonise. The LEO supports such as the Energy Efficiency Grant, Digital for Business and Green for Business are specifically designed to enable small businesses to become more competitive and productive in how they work and in how they manage the transition to Digital and Green; these grants can directly improve a company’s bottom line and their capacity for growth. These measures are vital for businesses all over Clare and beyond.
• It is recognised that it can be challenging for small businesses to find the help they need, when they need it. So last week a new National Enterprise Hub was announced. This includes a dedicated website, neh.gov.ie, and phone line with a Hub Advisor to help businesses access State supports. Developed by Enterprise Ireland on behalf of the Government, any business can call it for direct help in navigating the comprehensive suite of supports that are being offered to business. I have no doubt that companies the length and breadth of Clare will find this an invaluable service as they seek to develop and grow their business.
