Louise Fenelon Gaskin said the new measures are specifically designed to reduce costs for small and medium-sized enterprises (SMEs), particularly in the retail and hospitality sectors.
The measures, which were brought forward by Minister for Enterprise, Trade and Employment, Peter Burke are tailored to support SMEs in the face of rising costs while also balancing progress in terms of working conditions, and include:
Sign up to the This is Wicklow newsletter here
● Introduction of a Second Payment of the Increased Cost of Business (ICOB) Scheme: This scheme will provide additional financial support to businesses in the retail and hospitality sectors.
● Doubling of the Innovation Grant Scheme. The grant amount has been increased to €10,000 to foster innovation among SMEs.
● Enhancement of the Energy Efficiency Grant Scheme. The maximum grant available has been increased to €10,000, and the business contribution rate has been reduced from 50pc to 25pc.
● Expansion of the Trading Online Voucher. Eligibility has been extended to all sectors with up to 50 employees, and the grant amount has been doubled to €5,000.
● Increase in Microfinance Ireland loan limits with the lending limit has been raised to €50,000 from €25,000.
● The Government will also review the Economic and Social Research Institute’s (ESRI) findings before deciding on any further increases in statutory sick leave.
Commenting on the boost for local businesses under the new measures, Ms Fenelon Gaskin, herself a business owner, said they will help ease pressure on those feeling the strain.
“I welcome the increased financial help by the Government to small and medium-sized businesses,” she said. “As the owner of a small business based in Greystones, I am constantly speaking with business owners under pressure with increased costs. SMEs are the backbone of our local economy and provide much-valued employment in the community. It has been a priority of Taoiseach Simon Harris to support our small businesses since he took office, and I welcome the new measures announced.”
Mr Burke also welcomed the measures, which he said “represent agreement from across government on the need to support our SMEs in the face of rising costs – while also balancing critical progress in terms of working conditions.
Today’s News in 90 seconds – 29th May 2024
“Small and medium sized businesses are vital to Ireland’s success and are central to our ability to build a broad-based and successful economy and wider society. It has been a priority of Taoiseach Simon Harris to support our small businesses since he took office, and I am glad today that we have delivered on this,” he continued.
“While there has been some moderation in the rate of wholesale price inflation, and measures to date have helped many vulnerable but viable firms, these new measures will help SME long-term financial sustainability, and aid them to grow and thrive so as to sustain good jobs into the future,” he concluded.
