Application for Lagos State NG-CARES Covid-19 Grant Stimulus: 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
As the State’s MDA responsible for MSME intervention, LSETF will anchor RA3, which is aimed at providing relief, facilitating the recovery, and enhancing capabilities of local MSMEs through support designed to reduce the vulnerability and cushion the effect of income-loss brought about by the ongoing COVID-19 pandemic and its resultant disruption to regular commercial activity.
READ ALSO: Apply for NG-CARES Grant Stimulus for all states in Nigeria
The Grants falls under three categories;
Credit Grant: This provides credit grants to co-finance up to 40% of new loans given to businesses by qualified financial institutions after the onset of the COVID-19 crisis.
Micro Enterprises: Up to #100,000
SMEs: Up to 2.5M
REQUIREMENTS
1. MICRO 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
2. 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
3. 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 #2.5M
REQUIREMENTS
MICRO ENTERPRISES
- BVN of Principal
- Company Registration where applicable
- Evidence of existing business operation.
- LASRRA
- Evidence of tax payment
- Evidence of Operating Expense Obligations
- Staff Payee Receipts for the past 3 months
- Minimum of 3 staff
SMES
- BVN of Directors
- Company Registration
- Evidence of existing business operation.
- Evidence of Tax Payments
- LASRRA of Directors
- Evidence of Operating Expense Obligations
- Staff PAYE receipt as at Dec 2019 with payment schedule)
- Staff Payee Receipts for the past 3 months
- Minimum of 10 staff
4. IT Enhancement Grant: The IT Enhancement Grant offers financing to MSMEs to increase their capacity through the adoption of technology.
Micro Enterprises: Up to #200,000
SMEs: Up to 2.5M
REQUIREMENTS
MICRO ENTERPRISES
- BVN of Principal
- Company Registration where applicable
- Evidence of existing business operation.
- LASRRA
- Evidence of tax payment
- Minimum of 3 staff
SMEs
- Minimum of 10 staff
How to Apply for Lagos State NG-CARES Covid-19 Grant Stimulus
To apply, visit Lagos State NG-CARES Portal below: