NYIF Loan

Kwara State Begins Registration Of Beneficiaries Of Ng-Cares For MSMES

October 8, 2021

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⁷The Kwara state government has announced the commencement of registration of micro, small and medium enterprises (MSMEs) in the state for the NG-CARES for MSMEs program. The NG-CARES for MSMEs program is one of the three Result Areas of the World Bank-supported NG-CARES program in which Kwara state is participating in all three result areas. The NG-CARES for MSMEs program is targeted at helping businesses recover from the dastardly effect of the covid-19 lockdown as well as to improve the economic condition of the state.

According to the Team Lead, Mr Muhammed Brimah, all eligible businesses are expected to benefit from across Kwara State, hence the registration process will be available via an online link designed by Bank of Industry (BOI) to ensure that all Business owners in Kwara are granted the opportunity to benefit from this laudable initiative

The project coordinator also commended the efforts of the Executive Governor of Kwara State, Mallam AbdulRahman Abdulrazaq on his dedication, full support, and cooperation with the Bank of Industry and the World Bank on the execution of this project. He stated that the Governor is fully committed to the growth and success of businesses as well as increasing the employment rate in Kwara state.

The program is a grant for both formal and informal businesses comprising; prior loan reimbursement grants, operational cost grants and Information and Technology enhancement grants.

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

Please Note:

This grant is for businesses operating in Kwara state that have been affected by the covid-19 pandemic and have been running for over 2 years.
The online portal would be open to receive applications from 10 am on Oct 7, 2021, giving equal opportunity for all applicants to access and benefit.
Application closes on the 17th of October, 2021.
All businesses that meet the eligibility criteria are encouraged to apply.
Click the link below for more information on how to apply

For more information visit:https://www.kwassip.org/kwaracares\.

Application Deadline: 17th of October, 2021