Written answers
Thursday, 18 April 2024
Department of Enterprise, Trade and Employment
Business Supports
Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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107. To ask the Minister for Enterprise, Trade and Employment what supports are in place for financial assistance by way of grants for the self-employed; what agencies offer these supports in counties Cavan and Monaghan; and if he will make a statement on the matter. [16699/24]
Emer Higgins (Dublin Mid West, Fine Gael)
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I would recommend that anyone looking to start their own business or become self employed to first speak with their Local Enterprise Office (LEO). The Cavan LEO is located in the Cavan Innovation and Technology Centre, Dublin Road, Cavan. The Monaghan LEO is located in Unit 9, M:TEK Building, Knockaconny, Monaghan.
The LEOs are the ‘first-stop-shop’ for providing advice and guidance, financial assistance, and other supports to those wishing to start or grow their own business. The LEOs also provide a ‘signposting’ service for all Government supports available to the SME sector and provide information and referrals to other relevant bodies under agreed protocols.
I would particularly recommend that anyone exploring self-employment enquire about the Start Your Own Business (SYOB) Programme, which assists participants in assessing their business idea, its viability and then making an informed decision on whether to proceed or take a step back. The programme is designed to guide participants through the various aspects of business and business planning with no prior business knowledge necessary.
The Local Enterprise Offices can offer direct grant aid to small businesses operating in the manufacturing and internationally traded services sector. The LEOs also provide funding for consultancy supports in Lean, Green and Digital.
The LEOs can provide a referral to Micro Finance Ireland (MFI), which is a not for profit lender that offers small business loans of between €2,000 and €25,000 (unsecured). Loans for commercially viable proposals can be used to help fund start-up costs, working capital or business expansion and by applying through their Local Enterprise Office, clients can avail of a 1% reduction in the interest rate charged.
There are also number of Tax Credits which can be applied if you are a sole-trader, such as the Start Up Refunds for Entrepreneurs (SURE) scheme, which is a tax refund scheme that allows eligible people to get a refund of up to 41% of the capital they invest in starting a business. Under the SURE scheme, you may be entitled to a refund of PAYE income tax that you paid over the 6 years before the year in which you invest.
I would strongly recommend speaking to a Business Advisor in a Local Enterprise Office as they have the experience and knowledge to help those who are self-employed.
Jackie Cahill (Tipperary, Fianna Fail)
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109. To ask the Minister for Enterprise, Trade and Employment the number of businesses in counties Tipperary, Limerick and Clare, respectively, that have registered for the increased cost of business grant to date; when payments under the grant will commence; and if he will make a statement on the matter. [16884/24]
Emer Higgins (Dublin Mid West, Fine Gael)
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As you will be aware, as part of Budget 2024, the Government signed off on a package of €257 million for the Increased Cost of Business (ICOB) grant as a vital measure for small and medium businesses.
Local Authorities, funded through the Department of Enterprise, Trade and Employment, are administering the grant to qualifying businesses on behalf of the Department.
Local Authorities have written to all rate paying businesses with details of how to register for the grant and it is a very simple process for businesses to verify their details through an online portal.
The grant has been open for registrations since 14 March. The closing date for registrations for the ICOB grant is 1 May 2024. I urge all eligible businesses to register for this grant as soon as they receive a letter from their Local Authority. The sooner a business registers the sooner their details will be verified and the grant will be paid out. Local Authorities will begin to send payments to eligible businesses from Monday next 22 April.
In relation to the uptake of the scheme in the counties referred to in the question, the latest figures as at Tuesday 16th April are as follows:
Tipperary has 1159 registrations which is 29% of businesses notified
Limerick has 1377 registrations which is 29% of businesses notified
Clare has 838 registrations which is 27% of businesses notified
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