Kwara cares begins disbursement of N160.5m CARES RA3 grant to SMEs

Kwara cares begins disbursement of N160.5m CARES RA3 grant to SMEs

The Kwara State Government has flagged off the disbursement of N160,550m in grants to 688 small and micro-scale businesses in the first tranche of the KWARA NG CARES RA3 Operational Grants.

These beneficiaries comprise 45 Small Scale businesses that will receive N700,000 each, and 623 micro-scale businesses that will receive N200,000 each cutting across the 16 Local Government Areas of the state.

General Manager of KWASSIP, Mr. Abdulquawiy Olododo stated that the programme is a World Bank-assisted emergency recovery and intervention program facilitated by the Kwara State Government to curb the impact of COVID-19 on businesses as well as to provide economic relief and improve the employment rate in the State.

He further stated that the programme is kicking off disbursement with the Operational Grant, which will be followed closely by the Credit Grant and IT Enhancement Grant.

The Acting Technical Head of the NG CARES For MSMEs RA3, Mrs. Rukayat Yahaya, urged beneficiaries to utilise the grants in covering operational expenditures to incentivize employment retention and keep their businesses running.

She said the grant was an emergency recovery fund designed to help their businesses recover from the effect of COVID-19 pandemic.

She also stated that the Operational Grant will be followed by the Credit Grant for easing financial constraints on MSEs and IT Enhancement Grant for upgrading MSEs capabilities.

Deputy Kwara Speaker Adetiba Olanrewaju Rafael; Commissioner of Finance Mrs Florence Oyeyemi and Commissioner for Business Innovation and Technology Ibrahim Akaje presented the cheques to the beneficiaries.

Akaje encouraged all beneficiaries to make use of the opportunity given to them as well as encourage and guide other business owners on the paths to pursuing opportunities like this.