The Lagos CARES application portal is now open!
The Lagos COVID-19 Recovery Action and Economic Stimulus (CARES) Programme is a state-level intervention that seeks to mitigate the local effects of the global COVID-19 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 programme is made up of 3 Results Areas (RAs) as defined below:
✓ RA1 - Focus on Social Protection
✓ RA2 - Focuses on Agriculture and;
✓ RA3 - Focus on Micro, Small and Medium-sized Enterprises (MSMEs)
Grants fall into three categories;
R. Subsidy Credit: Provides credit to co-finance up to 40% of new loans granted to companies by qualified financial institutions after the start of the COVID-19 crisis.
Micro-enterprises: Up to #100,000
SME: Up to 2.5 million
B. Operations Subsidy: This grant is intended to support operating expenses after the start of Covid-19. This grant aims to incentivise MSEs to reach their pre-COVID 19 employment level. The grant would cover operational costs.
Operating grants for MSMEs covering up to 50% of any verifiable/documented monthly operating 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 #2.5M
C. IT Enhancement Grant: The IT Enhancement Grant offers financing to MSMEs to increase their capacity through the adoption of technology.
Micro-enterprises: Up to #200,000
SME: Up to 2.5 million
