"Apply Now: Lagos Cares Grant Program For MSMEs (Up to ₦ 1.5Million)"

In response to the far-reaching impact of the COVID-19 pandemic and in alignment with the Federal Government of Nigeria's ambitious vision to uplift 100 million Nigerians from poverty within a decade, the Nigerian government collaborated with the World Bank to implement a critical two-year emergency initiative known as the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).

Within this overarching framework, the Lagos COVID-19 Action Recovery and Economic Stimulus (CARES) Program emerges as a localized intervention specifically aimed at mitigating the pandemic's adverse effects at the state level. The primary objectives include safeguarding the livelihoods of both established and newly vulnerable households, while simultaneously fostering the resurgence of local economic activities, with a particular emphasis on Micro, Small, and Medium Enterprises (MSMEs).

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This program unfolds across three distinctive Results Areas (RAs) meticulously outlined as follows:

RA1: Prioritizing Social Protection Under this result area, the focus is directed towards strengthening the social protection system to provide a safety net for the most vulnerable segments of society.

RA2: Elevating Agriculture RA2 concentrates on the agricultural sector, aiming to revitalize and fortify this crucial economic pillar in the face of the pandemic's challenges.

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RA3: Empowering MSMEs RA3, the cornerstone of the program, is entrusted to the Lagos State Employment Trust Fund (LSETF). Its core mission is to bolster the resilience, recovery, and growth of local MSMEs. This support is meticulously designed to mitigate the vulnerabilities and counteract the economic setbacks inflicted by the ongoing COVID-19 crisis, which has profoundly disrupted regular commercial activities.

The pivotal components of RA3 encompass:

1. Credit Grant: This instrumental facet extends credit grants to co-finance a substantial portion, up to 40%, of the performing loans acquired by businesses from June 16, 2020, onwards. These loans are obtained from qualified financial institutions, and this measure is strategically aimed at alleviating the economic burdens arising from the COVID-19 outbreak.

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2. Operations Grant: This aspect provides a conditional grant to sustain ongoing operational expenditures. It encompasses up to 50% of verifiable and documented monthly operational costs for a duration of six months. These costs encompass various vital aspects such as staff salaries, documented utilities, rent, documented private security expenses, alternative power supply, and more.

3. IT Enhancement Grant: This forward-looking component extends support to MSMEs in enhancing their technological capabilities. It primarily involves the adoption of cutting-edge technology and the upgrade of digital infrastructure, especially tools that facilitate remote work. This grant is non-monetary in nature and covers essential elements such as IT infrastructure, connectivity solutions, and digital technology tools, including but not limited to laptops, internet services, e-commerce resources, and productivity software suites.

The Lagos COVID-19 Action Recovery and Economic Stimulus (CARES) Program, spearheaded by LSETF, is poised to play a pivotal role in bolstering the resilience of local businesses and fostering economic revival in the wake of the pandemic's challenges.

Credit Grant	Operations Grant	IT Enhancement Grant
Micro Enterprises: Up to ₦ 1Million SMEs: 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
REQUIREMENTS 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 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	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 BVN of Directors Company Registration Evidence of existing business operation. Evidence of Tax Payments LASRRA of Directors Minimum of 10 staff	REQUIREMENTS MICRO 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

Important Notice:

If you have previously received the Operations grant, you are now eligible to apply for the Credit Grant, provided you have obtained a loan from a licensed microfinance or commercial bank between June 16, 2020, and the present date.

Furthermore, if you have benefited from the Credit Grant in the past, you are now eligible to apply for the Operations Grant as well.