Launch of the Power Up Grant for Hospitality and Retail Businesses

Today, Minister for Enterprise, Trade, and Employment, Peter Burke, announced the launch of the Power Up grant, designed to assist businesses in the hospitality and retail sectors. Applications for the grant, with a budget of €170 million, are now open through an online portal on the Department of Enterprise, Trade, and Employment’s website.

The Power Up grant is available to businesses that received a second payment under the Increased Cost of Business (ICOB) scheme, addressing rising operational costs amid the busy holiday season. Minister Burke highlighted the challenges faced by retail and hospitality businesses, emphasising the grant’s role in providing financial support. Burke urged eligible businesses to register immediately, noting that local authorities are actively reaching out to qualifying businesses via email with registration details. He commended local authorities for their work in coordinating the grant distribution, underscoring their vital role in connecting with businesses at the community level.

How to Register and Eligibility

Eligible businesses that received the second ICOB payment can apply for the one-time €4,000 Power Up grant once they receive an email from their local authority. The application process is designed to be simple and quick, modelled on the previous ICOB scheme, and is administered by local authorities on behalf of the Department of Enterprise, Trade, and Employment.

Emphasis on Direct Financial Support for Local Businesses

Minister Dara Calleary, responsible for Trade Promotion, Digital Transformation, and Company Regulation, noted that the Power Up grant provides a direct cash injection into the bank accounts of small, family-run businesses across Ireland, critical for maintaining cash flow. He encouraged eligible businesses to apply, recognising their significance to the vitality of Irish towns and villages.

Since its introduction, the ICOB scheme has provided over €244 million to 75,000 small and medium-sized enterprises (SMEs), including two payments to more than 38,000 businesses in the retail and hospitality sectors.

Expanded Government Support for SMEs

Emer Higgins, Minister of State for Business, Employment, and Retail, highlighted that this latest grant funding represents substantial additional support for the retail and hospitality sectors. With €170 million allocated for these sectors in the budget, the government’s total financial support for SMEs this year is approaching half a billion euros.

This initiative underscores the government’s commitment to supporting small businesses, recognizing their essential contribution to the Irish economy and community life.