NG-CARES is welcoming applications from suitably qualified Nigerian small business owners who are in need of credit grants to co-finance their performing loans taken between 2020 and 2023.
A statement seen by Nairametrics explained that credit grants could help to co-finance up to 40% of loans taken by small businesses following the onset of the COVID-19 pandemic. Note that eligible loans must have been taken from “qualified financial institutions”.
More details: The Lagos NG CARES application portal is also open for applications to any of the following programmes-
- Operations Grant: For six months, this grant will provide 50% of any verifiable/documented operational costs, including but not limited to staff salaries, utility costs, and private security costs.
- IT Grant: This offers to finance MSMEs so they can adopt technology and grow their capacity.
- To apply for the Lagos State NG CARES credit grants, visit bit.ly/LagosCares.
What you should know: The NG-CARES Programme is a state-level intervention that was established to mitigate the local effects of the COVID-19 global pandemic by protecting the livelihoods of existing, poor and vulnerable households and supporting local economic recovery.
NG-CARES was established as one of the programs under the Lagos State Employment Trust Fund to provide financial assistance to residents of Lagos for job creation, wealth creation, and unemployment relief.
The intervention arose as a result of the COVID-19 pandemic and is in line with the Federal Government of Nigeria’s vision of lifting 100 million Nigerians out of poverty in ten years.
The programme 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)