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MSME Grant Program

Applications are now open for the Lagos CARES Program (MSME Grant Program)

The LSETF loans program aims to create affordable access to funding for small businesses to grow, expand, create wealth and put people to work.

The loan scheme, which attracts only 9% interest rate per annum, is available to business owners who are registered residents of Lagos State.

The Lagos COVID-19 Action Recovery and Economic Stimulus (CARES) Program is a state-level intervention that seeks to mitigate the local effects of the COVID-19 worldwide pandemic at the state-level, by protecting the livelihoods of existing and newly poor and vulnerable households and supporting the recovery of local economic activity especially among MSMEs.

The program consists of 3 Results Areas (RAs) as defined below:

i. RA1 – Focuses on Social Protection

ii. RA2 – Focuses on Agriculture and;

iii. RA3 – Focuses on Micro Small and Medium scale enterprises (MSMEs As the State’s MDA responsible for MSME intervention, LSETF will anchor RA3, which is aimed at providing relief, facilitating the recovery, and enhancing capabilities of local MSMEs through support designed to reduce the vulnerability and cushion the effect of income-loss brought about by the ongoing COVID-19 pandemic and its resultant disruption to regular commercial activity.

The Grants falls under three categories;

Credit Grant:- This provides credit grants to co-finance up to 40% of new loans given to businesses by qualified financial institutions after the onset of the COVID-19 crisis.

Single grantee limit:- Up to ₦100,000 for Micro enterprises,

Up to ₦1million for Small and Maximum of ₦5million for Medium enterprises

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REQUIREMENTS

MICRO ENTERPRISES

i. BVN of Principal

ii. Company Registration where applicable

iii. Evidence of existing business operation.

iv. LASRRAv. Evidence of tax payment

v. Evidence of Existing Loan from qualified Financial institutions

SMES

i. BVN of Directors

ii. Company Registration

iii. Evidence of existing business operation.

iv. Evidence of Tax Payments

v. LASRRA of Directors

vi. Evidence of Existing Loan from qualified Financial institutions.

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.
 
Single grantee limit:- Up to ₦150,000 for Micro enterprises,
Up to ₦1.5million for Small and Maximum of ₦5million for Medium enterprises.
 
 
MSME Grant Program Requirements
 

SMICRO ENTERPRISES

i. BVN of Principal

ii. Company Registration where applicable
iii. Evidence of existing business operation.

iv. LASRRA

v. Evidence of tax payment.
vi. Evidence of Operating Expense Obligations.
vii. Staff Payee Receipts for the past 3 months
 
SMES
 
i. BVN of Directors.
ii. Company Registration.
iii. Evidence of existing business operation.
iv. Evidence of Tax Payments.
v. LASRRA of Directors.
vi Evidence of Operating Expense Obligations
vii. Staff PAYE receipt as at Dec 2019 with payment schedule).
viii. Staff Payee Receipts for the past 3 months.
 
How To Apply For MSME Grant Program;
 
Interested and qualified applicants should

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