Link To Apply For Lagos State Covid-19 Economic Stimulus 2023 (NG-CARES)
As a result of the effect of the COVID-19 pandemic and in line with the vision of the Federal Government of Nigeria to lift 100 million Nigerians out of poverty in ten years, the Federal Government of Nigeria sought and obtained assistance from the World Bank to implement a two-year emergency response programme, named the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).
The Lagos COVID-19 Action Recovery and Economic Stimulus (CARES) Program is a state-level intervention that seeks to mitigate the local effects of the COVID-19 worldwide pandemic at the state-level, by protecting the livelihoods of existing and newly poor and vulnerable households and supporting the recovery of local economic activity, especially among MSMEs.
The program consists of 3 Results Areas (RAs) as defined below:
- RA1 – Focuses on Social Protection
- RA2 – Focuses on Agriculture and.
- RA3 – Focuses on Micro Small and Medium scale enterprises (MSMEs
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The Lagos State Covid-19 Economic Stimulus offers three types of Grants, Credit grants, Operations grants, and IT Enhancement grants.
Credit Grant
This provides credit grants to co-finance up to 40% of performing loans taken by businesses from June 2020 to date, from qualified financial institutions after the onset of the COVID-19 crisis.
Micro Enterprises: Up to ₦ 1Million
SMEs: Up to ₦ 1Million
Operations Grant
This grant is to Support Operational Expenditure after the onset of Covid-19. This grant aims to incentivize MSEs to reach pre- COVID 19 level of employment. The grant would cover operational costs.
Operations grants for MSMEs that cover up to 50% of any verifiable/ documented monthly operational cost for 6 months including but not limited to staff salaries; documented utilities; documented private security expenses.
Micro Enterprises: Up to ₦ 150,000
SMEs: Up to ₦ 1Million
IT Enhancement Grant
The IT Enhancement Grant offers financing to MSMEs to increase their capacity through the adoption of technology.
Micro Enterprises: Up to ₦ 300,000 in hardware or software
SMEs: Up to ₦ 1.5Million in hardware or software
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Link To Apply For Lagos State Covid-19 Economic Stimulus 2023 (NG-CARES)
Interested applicants should kindly apply via https://apply.lsetf.ng/
For more details and information kindly visit Lagos State Covid-19 Economic Stimulus (NG-CARES)