Simon Coveney (Cork South Central, Fine Gael)
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The Increased Cost of Business Grant (ICOB) was a measure announced as part of Budget 2024. The grant will be paid to Small and Medium sized businesses who operate from a rateable premises. It is intended to be paid at a rate of up to half the enterprise’s commercial rates bill, subject to a prescribed limit. The grant is intended to aid firms but is not intended to directly compensate for all increases in wages, or other costs, for every business.

The technical details underpinning the scheme and the mechanism for delivering the payment are currently being developed. My officials will work together with officials from the Department of Housing, Local Government and Heritage will work together with the Local Authorities to finalise the details of the grant in the coming weeks.

It is important that I clarify that the scheme is a once-off grant provision and is not a form of commercial rates waiver, such as that present during the years 2020 to Q1 2022. In essence, the ICOB will have no bearing on the commercial rates paid by firms. It is also not intended to benefit multinational or larger firm. The grant will be paid through local authorities and will be paid in the first quarter of next year.

In establishing the conditions for providing supports to business, it is important to recognise that there are limited resources available to provide such supports. If the scheme were extended to larger ratepayers, provided on the same proportional basis to all firms, it would sharply reduce the benefit available to all ratepayers and would sharply reduce the benefit of this scheme to qualifying ratepayers.

Furthermore, it is important that this measure should not be looked at in isolation and should be considered in light of the range of supports that have been made available to business in recent years, with shocks ranging from Brexit to COVID-19, to supply change disruption and to rising energy costs associated with the crisis in Ukraine. These include the Covid-era Commercial Rates grant and waiver schemes, the Restart Grant, and Small Business Assistance Scheme for Covid (SBASC); the Temporary Business Energy Support Scheme (TBESS); and the Ukraine Enterprise Crisis Scheme. In addition, the Business Users Support Scheme for Kerosene (BUSSK), launched in September 2023, provides assistance to businesses impacted by significant increases in the cost of kerosene heating oil.

Simon Coveney (Cork South Central, Fine Gael)
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Under the Housing for All plan, my Department is working to promote innovation and increased productivity in the residential construction sector, including the more widespread adoption of Modern Methods of Construction (MMC).

To promote research and development and disseminate the best and most relevant innovations to the players in the construction value-chain in Ireland, my Department with Enterprise Ireland has established a new Construction Technology Centre, Construct Innovate, with initial funding of €5m over 5 years. The Centre is a consortium hosted by University of Galway that also includes Trinity College Dublin, University College Dublin, University College Cork and the Irish Green Building Council.

Through the Built to Innovate programme, Enterprise Ireland is focused on driving productivity and innovation in house building, including increased use of MMC, and has opened up lean and digital grants and funding for research and innovation projects to the domestic residential construction sector.

Enterprise Ireland engages with the property technology sub-sector, with a number of proptech companies on its books, as well as ‘construction services’ companies, many of whom are start-ups. Enterprise Ireland offers a wide range of financial supports for start-ups, such as equity investment, development grants and non-financial supports such as capability building, engaging with clients in-market via its overseas offices, connecting founding teams with potential investors and with strategic partners, and identifying business opportunities for clients.

Regarding early-stage funding streams, there are several funds in existence that may be accessed by property technology companies subject to eligibility. These include:

• The Pre-Seed Start Fund aims to accelerate the growth of early-stage start-up companies that have the capacity and ambition to succeed in global markets. Applicants can apply for €50,000 or €100,000 investment. Successful applicants will be supported by an Enterprise Ireland Development Advisor and can avail of a range of start-up supports from Enterprise Ireland such as a mentor from the Enterprise Ireland panel of mentors, access to Enterprise Ireland’s Market Research Centre and other services.

• High Potential Start-Up (HPSU) Funding is aimed at start-up businesses with the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in sales within 3 years of starting up. Funding supports from Enterprise Ireland are closely aligned to a company’s stage of development. Broadly, HPSU companies are viewed as being at feasibility stage, investor-ready stage, or growth stage.

• The Irish Government, through Enterprise Ireland, has made €175m available as part of the Seed and Venture Capital Scheme (2019-2024) that supports the funding requirements of early-stage innovative Irish companies with global ambition.

• The Irish Innovation Seed Fund (IISF) is a €90 million fund-of-funds, made up of a €30m investment from DETE, through Enterprise Ireland, which is matched by a €30m investment from the EIF, and a €30m co-investment from ISIF. As a fund-of-funds, the programme invests in other specialist fund managers who target high growth innovative companies based on disruptive intellectual property, who are at the early stages of external funding.

• The Halo Business Angel Network (HBAN) is the all-island umbrella group for business angel networks. It is focused on creating investor groups/ syndicates across the island. This helps companies source monies from private investors.

• The Irish Strategic Investment Fund (ISIF) invests in funds, companies and projects which generate commercial returns and supports economic impact and employment in Ireland. Key areas of focus for ISIF are; Housing and enabling investments, Climate, Food and Agri, and Indigenous Companies. ISIF supports indigenous Irish companies with strong growth potential through its investments. ISIF has supported several domestic venture capital funds who invest in a broad spectrum of early-stage companies, including those within the prop-tech segment.

With respect to the specific details outlined in the email, Enterprise Ireland has engaged with the company that has raised this issue.

Simon Coveney (Cork South Central, Fine Gael)
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The Deputy may be aware that mining began in Tara in 1977. My Department and its agencies have not provided funding to Boliden Tara Mines during the timeframe in question.

Since the Board of Boliden Tara Mines decided to put the company into care and maintenance from 14^thJuly 2023, officials in my Department have engaged with management to discuss what assistance can be provided to introduce efficiencies and reduce costs including energy costs within state aid parameters. However, financial supports can only be paid out in the context of the reopening of the mine.

I, along with officials, have met the company and unions on a number of occasions to discuss potential state supports and a reopening of the mine. I also met with the parent company who have confirmed that they are committed to Ireland and have welcomed Government commitment and support to the mining industry in Ireland.

Officials in my Department, Enterprise Ireland and other relevant Departments and Agencies of the State have continued to engage with management to offer any support possible with a view to seeing the mine reopening as early as possible.

Enterprise Ireland have confirmed that they will engage with Boliden Tara Mines and provide supports which the company is eligible for under Irish and EU legislation.