To combat the impact of COVID-19 and in line with the Nigerian government’s goal of lifting 100 million people out of poverty in ten years, the World Bank has stepped in to help implement a two-year emergency response program known as NG-CARES.

MSME Lagos Cares Grant Program
MSME Lagos Cares Grant Program

At the state level, the Lagos COVID-19 Action Recovery and Economic Stimulus (CARES) Program is working to address the pandemic’s effects by safeguarding the livelihoods of vulnerable households and supporting local economic activity, particularly among MSMEs.

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The MSME Lagos Cares Grant Program consists of 3 Results Areas (RAs):

RA1 – Focuses on Social Protection
RA2 – Focuses on Agriculture and;
RA3 – Focuses on Micro Small and Medium-scale enterprises (MSMEs)

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Credit Grant Operations Grant IT Enhancement Grant
Micro Enterprises: Up to ₦ 1MillionSMEs: Up to ₦ 1Million

 

 

 

Nano Enterprises(1-2 employees): Up to₦ 50,000

Micro Enterprises: Up to

₦ 500,000

SMEs: Up to ₦ 1 Million

Micro Enterprises: Up to₦ 400,000 in hardware or software

SMEs: Up to ₦ 1.5Million in hardware or software

 

REQUIREMENTSMICRO ENTERPRISES

  • BVN of Principal
  • Company Registration, where applicable
  • Evidence of existing business operation.
  • LASRRA
  • Evidence of tax payment
  • Evidence of Existing loan from qualified Financial institutions
  • Minimum of 3 staff

SMES

  • BVN of Directors
  • Company Registration
  • Evidence of existing business operation.
  • Evidence of Tax Payments
  • LASRRA of Directors
  • Evidence of Existing Loan from qualified Financial institutions
  • Minimum of 10 staff
REQUIREMENTSMICRO ENTERPRISES

  • BVN of Principal
  • Company Registration, where applicable
  • Evidence of existing business operation.
  • LASRRA
  • Evidence of tax payment
  • Minimum of 3 staff

SMES

  • BVN of Directors
  • Company Registration
  • Evidence of existing business operation.
  • Evidence of Tax Payments
  • LASRRA of Directors
  • Minimum of 10 staff
REQUIREMENTSMICRO ENTERPRISES

  • BVN of Principal
  • Company Registration, where applicable
  • Evidence of existing business operation.
  • LASRRA
  • Evidence of tax payment
  • Evidence of Existing loans from qualified Financial institutions
  • Minimum of 3 staff

SMES

  • BVN of Directors
  • Company Registration
  • Evidence of existing business operation.
  • Evidence of Tax Payments
  • LASRRA of Directors
  • Evidence of Existing Loan from qualified Financial institutions
  • Minimum of 10 staff

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSETF, the State’s MDA in charge of MSME intervention, will lead RA3. The goal of this MSME Lagos Cares Grant Program is to offer assistance to local Micro, Small, and Medium Enterprises (MSMEs) by reducing their vulnerability and alleviating the impact of income loss due to the ongoing COVID-19 pandemic.

MSME Lagos Cares Grant Program Grants Categories

Credit Grants will be provided to co-finance up to 40% of performing loans taken by businesses since June 16, 2020, from eligible financial institutions.

The Operations Grant will be a conditional grant covering up to 50% of a company’s verifiable monthly operational costs for six months. This grant will assist in covering a range of expenses, such as staff salaries, documented utilities, rent, documented private security expenses, and alternative power supply.

The IT Enhancement Grant will aid MSEs in increasing their capacity by adopting technology and upgrading their digital tools. This non-cash grant covers IT infrastructure, connectivity, and digital technology tools, including laptops, internet services, e-commerce tools, and productivity software suites, among others.

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MSME Lagos Cares Grant Program 

MSME Lagos Cares Grant Program

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