Nearly €400 million has been disbursed this year to small and medium enterprises (SMEs) through the Power Up Grant and the Increased Cost of Business (ICOB) Scheme, providing critical support during a challenging year for small businesses.
Designed by the Department of Enterprise, Trade and Employment and administered by Local Authorities, these schemes aimed to offset the rising costs of running a business, including increased labour costs imposed by the government, such as minimum wage hikes and changes to sick pay.
Retail and hospitality sectors had advocated for a reduction in the 13.5% VAT rate, but this measure was not included in Budget 2025.
The Power Up Grant, introduced in Budget 2025, closed applications on November 22 and has since distributed over €154 million to 38,500 businesses in just four weeks.
The ICOB scheme, which provided €244 million during the summer, supported over 75,000 businesses, including a double payment for those in the retail, hospitality, and beauty sectors.
Minister for Enterprise, Trade and Employment Peter Burke described the schemes as a resounding success.