Local Fianna Fáil TD Brendan Smith has said he was pleased to receive confirmation from his party colleague and Minister of State for Trade Promotion Dara Calleary TD, that 1,985 businesses in Cavan and 2,022 in Monaghan have been paid a combined total of more than €5.9m under the Increased Cost of Business (ICOB) scheme.

Nationwide payments under the ICOB Scheme have surpassed €205 million. 

Welcoming this significant boost for local businesses Deputy Smith said: “The ICOB grant was designed to help small and medium-sized enterprises (SMEs) with the increased costs associated with running a business and is doing just that. 

 “In Cavan, a total of €2,843,631 worth of payments were issued to businesses in the county. Some 1269 businesses received €1,747,375 in the first tranche of payments and 716 businesses received €1,096,256 in the second round of payments.

“In Monaghan, a total of €3,127,547 worth of payments were issued to businesses in the county. Some 1359 businesses received €1,976,717 in the first tranche of payments and 663 businesses received €1,150,830 in the second round of payments.

“Fianna Fáil in Government is committed to continuing to support the long term viability of SME’s. I understand that a total of €257 million is available under the scheme and further payments continue be made on a daily basis.”