On Tuesday, August 30, the Kwara state government began disbursing the first tranche of the KWARA NG CARES RA3 Operational Funds, which would provide grants totaling 160,550,000 naira (N160,550,000) to 688 small and micro-scale enterprises.
These recipients span the 16 Local Government Areas of the state and include 45 Small Scale Businesses that will earn N700,000 each and 623 Micro-Scale Businesses that will receive N200,000 each.
The Kwara State Government is facilitating the World Bank-assisted emergency recovery and intervention program, according to the general manager of KWASSIP, Mr. Abdulquawiy Olododo, who gave a speech at the program’s opening. The program’s goal is to reduce the effects of Covid-19 on businesses in the state as well as to provide economic relief and improve the employment rate in the State.
He added that the Operational Grant will be the program’s first distribution, and the Credit Grant and IT Enhancement Grant will come right behind it. The GM continued by stating that the program is only one of the many initiatives taken by Governor Abdulrahman Abdulrazaq to enhance the standard and simplicity of conducting business in Kwara State.
The Acting Technical Head of the NG CARES For MSME’s RA3, Mrs. Rukayat Yahaya, urged recipients to use the grants to pay for operational costs to encourage employee retention and to maintain the operations of their businesses because this grant is an emergency recovery fund intended to aid recipients’ companies in recovering from the COVID-19 pandemic effects. She added that the Credit Grant will come after the Operational Grant to help things forward.
She added that the IT Enhancement Grant and Credit Grant, which will help MSE’s with their financial restrictions, will come after the Operational Grant.
The deputy speaker of the Kwara State House of Assembly, Hon. Adetiba Olanrewaju Rafael, the honorable finance commissioner, Mrs. Florence Oyeyemi, and the honorable commissioner, Hon. Ibrahim Akaje, among others, presented the checks to the recipients.
The commissioner for Business Innovation and Technology, Hon. Ibrahim Akaje, urged the recipients in his closing remarks to take use of the chance that had been provided to them as well as to encourage and direct other business owners on the roads to pursue similar opportunities.
The Honorable Florence Oyeyemi, Commissioner of Finance, praised the government and the implementing unit for their procedural transparency.
She further urged beneficiaries to appreciate the effort of the state government as this is first of its kind in the state.
Kwaracares4msmes@gmail.com @kwcares4msmes
SIGNED
Abdulsalam Zainab
Lead Media Officer, KWARA NG-CARES RA3