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:
- RA1 – Focuses on Social Protection
- RA2 – Focuses on Agriculture and;
- 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.
Up to ₦1million for Small and Maximum of ₦5million for Medium enterprises.
REQUIREMENTS
MICRO ENTERPRISES
- BVN of Principal
- Company Registration where applicable
- Evidence of existing business operation.
- LASRRA
- Evidence of tax payment
- Evidence of Existing Loan from qualified Financial institutions
SMES
- BVN of Directors
- Company Registration
- Evidence of existing business operation.
- Evidence of Tax Payments
- LASRRA of Directors
- 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
REQUIREMENTS
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
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
IT Enhancement Grant: The IT Enhancement Grant offers financing to MSMEs to increase their capacity through the adoption of technology.
Single grantee limit: Up to ₦200,000 for Micro enterprises,
Up to ₦2million for Small and Maximum of ₦5million for Medium enterprises
REQUIREMENTS
MICRO ENTERPRISES
- BVN of Principal
- Company Registration where applicable
- Evidence of existing business operation.
- LASRRA
- Evidence of tax payment
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