Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

I am very conscious business owners and managers are worried heading into the new year. The invasion of Ukraine has had massive consequences for the whole of Europe and not just Ireland. Indeed, we are now facing a global inflation crisis exacerbated by the war. Energy and other input costs have risen considerably. Interest rates are rising and consumer confidence is waning.

It is fair to say the Government has not been found wanting when it has come to helping businesses get through difficult periods and saving the jobs of the people who work there. That was particularly evident with the employment wage subsidy scheme during the pandemic. My message to small and medium-sized enterprises, professionals and farmers is help is available. The temporary business energy support scheme, TBESS, will provide qualifying businesses with relief on 40% of the increase in their electricity or gas bills up to a maximum of €10,000 per month and €30,000 in some cases. It is important businesses get their paperwork and bills in order, register and make a claim on revenue.ie.

Along with the Minister for Public Expenditure and Reform, Deputy Michael McGrath, I launched the Ukraine enterprise crisis scheme for manufacturing and internationally-traded firms in October. It is assisting firms suffering liquidity problems and those impacted by severe rises in energy costs. I anticipate further modifications to the scheme will be announced shortly. We are also complementing financial grants with State-backed, low-cost loans. The State-backed Ukraine credit guarantee scheme will be open within weeks and will assist the wider business sector with liquidity, investment in energy efficiency and working capital for the next few months and years. Furthermore, a new State-backed growth and sustainability loan scheme will open for applications early next year. This is a successor to the popular future growth loan scheme.

In the medium to long term, we will help businesses invest in energy efficiency and reduce reliance on fossil fuels. There are about 20 energy efficiency schemes already available but take-up is not what it should be. That is perhaps because people do not know about them or may not perceive a return on investment. We will work to ensure the right incentives and information are in place to improve take-up.

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