In a significant move to support the local economy and provide relief to businesses affected by the COVID-19 pandemic, Governor AbdulRahman AbdulRazaq of Kwara State has given the green light for grants to be awarded to a whopping 5,545 micro, small, and nano enterprises (MSMEs) across the state. This development comes as part of the second phase of the Kwara NG-CARES For MSMEs business grant program, following the successful disbursement of operational grants to 688 businesses in phase one.
The approval to include nano businesses in the grant program was made public through a statement released by Mrs. Fatima Issa, the media officer for Kwara NG-CARES For MSMEs. The program, spearheaded by the Kwara State Government, aims to alleviate the challenges faced by local businesses and stimulate economic recovery. It seeks to mitigate the adverse impact of the pandemic, which has disrupted regular commercial activities and caused income loss for many enterprises.
The second phase of the disbursement program specifically targets 5,545 vulnerable businesses, offering a lifeline to entrepreneurs in various sectors. Governor AbdulRazaq intends for the grants to help MSMEs cover operational expenses, support employee retention, and facilitate the settlement of business utility bills and security costs.
Prospective applicants are urged to register for the grant program, and the application link will be made available from Monday, June 26th until July 9th, 2023. To be eligible for consideration, applicants must provide their business registration documents, as well as proof of business existence such as shop rent receipts or utility bills. The grants will be accessible to both formal and informal nano, micro, and small-scale enterprises operating within the 16 local government areas of Kwara State.
The announcement has generated optimism among the MSME community in Kwara State, as business owners eagerly anticipate the potential relief and support that these grants will provide. With the registration process set to commence, the local economy is poised to receive a significant boost, empowering entrepreneurs and promoting sustainable growth in the region.
Stay tuned for further updates as the application process unfolds and the disbursement of grants begins, enabling MSMEs to weather the challenges brought about by the pandemic and thrive in the post-COVID era.
