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HomeGrants/LoanApply Now: Lagos State Government 2023 CARES Grant Program For Entrepreneurs

Apply Now: Lagos State Government 2023 CARES Grant Program For Entrepreneurs

Lagos State CARES Grant Program for Entrepreneurs/Business Owners

Lagos State Grant: The application is open for the 2023 Lagos State Government CARES Grant for Entrepreneurs and business owners. All entrepreneurs are invited to apply for the Lagos CARES grant.



The Lagos State Government CARES Grant Program is a state-level intervention aimed at mitigating the local effects of the COVID-19 global pandemic at the state level by protecting the livelihoods of existing and newly poor and vulnerable households and assisting in the recovery of local economic activity, particularly among MSMEs.



Brief Grant Details

Sponsor(s): Lagos State Government

Type: Grant

Eligible Country: Nigeria

Reward: ₦ 150,000 – 1 Million Naira

Application Deadline: Open

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Grant Area of Focus

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)



Grant Categories and Eligibility

Credit Grant

This provides credit grants to co-finance up to 40% of performing loans taken by businesses from June 2020 to date, from qualified financial institutions after the onset of the COVID-19 crisis.

Micro Enterprises: Up to ₦ 1Million

SMEs: Up to ₦ 1Million



Eligibility Requirements for Credit Grants

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 Loans from qualified financial institutions
  • Minimum of 10 staff



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 ₦ 1Million



REQUIREMENTS FOR OPERATIONS GRANT

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



IT Enhancement Grant

The IT Enhancement Grant offers financing to MSMEs to increase their capacity through the adoption of technology.

Micro Enterprises: Up to     ₦ 300,000 in hardware or software

SMEs: Up to ₦ 1.5Million in hardware or software



REQUIREMENTS IT ENHANCEMENT GRANT

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

Interested and qualified entrepreneurs are all encouraged to apply via the Apply Button below. OR Visit Here to Apply.

Click on Apply as New or First Time Applicant if you are applying for the first time.



 

Click Here to Apply

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