Kwara Ng-Cares for MSME’s

The Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES) program for Micro, Small and Medium Enterprises (MSMEs) is a state level intervention program initiated by the World Bank and being implemented in partnership with the Bank Of Industry (BOI). The program is targeted at providing economic relief, improving employment rate and supporting the recovery of local economic activity especially among MSMEs in the State.

The Result Area 3 (RA3) which focuses on Micro, Small and Medium Scale enterprises (MSMEs) is aimed at providing relief and cushioning the effect of income-loss brought about by the effect of COVID-19 Pandemic and it's resultant disruption to regular commercial activities.

What we offer

Credit Grants

This provides Credit grant to co-finance up to 40% of new loans given to businesses by qualified financial institutions which originated during the pandemic from 1st March 2020 to 31st March 2021.

  • Single Grant Limit: Up to ₦50,000 for Micro enterprises to be paid to the lender (3-9 employees)
  • Up to ₦350,000 for Small businesses (10-50 employees) and maximum of ₦650,000 for Medium enterprises to be paid to the lender's account (51 and above employees).
REQUIREMENT
  • Existing Business Operations
  • Existing loan from qualified Financial Institution (Credit Worthiness)
  • Minimum of 3 employees

Operational Cost 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 grant for MSMEs that covers up to 50% of any verifiable/documented monthly operational cost for 6months including but not limited to staff salaries (payroll), documented utilities, documented shop/office rent, documented private security expenses and alternative power supply (small solar panel).

  • Single Grant Limit:- Up to ₦300,000 (3-9 employees)
  • Up to ₦650,000 for Small businesses (10-50 employees) and Maximum of ₦900,000 for Medium enterprises (51 and above employees).
REQUIREMENT
  • Existing Business Operations
  • Evidence of Staff Payee receipts for the past 3 months (for payroll)
  • Minimum of 3 employees

IT Enhancement Grant

The IT Enhancement Grant offers support to MSMEs to increase their capacity through the adoption of technology. This grant shall provide IT Equipment or IT Infrastructure to enterprises in order to upscale their businesses.

  • Single grant limit:- IT Equipment or IT Infrastructure of up to equivalent of ₦350,000 (3-9 employees)
  • IT Equipment or IT Infrastructure of up to equivalent of ₦750,000 for Small businesses (10-50 employees)
  • Maximum of ₦1,200,000 million worth of provision of IT Equipment/IT Infrastructure for Medium enterprises (51 and above employees).
REQUIREMENT
  • Existing Business Operations
  • Minimum of 3 employees
  • Company registration where applicable / BVN

Who can apply?

Informal businesses in Kwara State that have been operating for 2 years and above.
Formal businesses in Kwara that have been operating for 3 years and above.
Businesses with a minimum of 3 staff and above

How to apply?

Click here to apply

For more information, kindly contact us