Deadline for application: 1^st May 2024 

Dublin Chamber will shortly launch the results of the Q1 2024 Business Outlook Survey. Preliminary findings reveal operational costs as a rising priority for Dublin businesses, with the report’s expectation index noting that almost three in four Dublin businesses expect an increase in operating costs within the next quarter.  

A new fund launched in Budget 2024 called the Increased Cost of Business Grant Scheme (ICOB) may offer a relief to businesses dealing with this issue. The ICOB, outlined in Budget 2024 to the amount of €257m, is to be paid to eligible businesses as a one-off grant payment to help businesses face rising costs. The deadline for registering for this grant is Wednesday 1 May 2024.  

Details pertaining to the grant, regarding eligibility and the value of the grant are outlined below: 

How much is the grant? The grant is based on the value of the Commercial Rates bill received by an eligible business in 2023. 

• For qualifying businesses with a 2023 Commercial Rate bill of <€10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023.
• For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
• Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.

What businesses are eligible to receive the grant? The following are the main qualifying criteria: 

•  Your business must be a commercially trading business currently operating from a property that is commercially rateable. 
• Your business must have been trading on 1 February 2024 and you must intend to continue trading for at least three months from the date you verify your information. 
• You must provide confirmation of your bank details. 
• Your business must be rates compliant. Businesses in performing payment plans may be deemed to be compliant. 
• Your business must be tax compliant and must possess a valid Tax Registration Number (TRN). 

Further details on this grant can be found by visiting your Local Authority website.