LSETF to support MSMEs with $6.6m grant ~ The New Dawn Online - THE NEW DAWN ONLINE

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Wednesday, May 26, 2021

LSETF to support MSMEs with $6.6m grant ~ The New Dawn Online



The Lagos State Employment Trust Fund has revealed plans to support the recovery of micro, small and medium enterprises from the COVID-19 pandemic by providing a $6.6m grant to them, through the Lagos COVID-19 Action Recovery and Economic Stimulus programme.

The Executive Secretary, LSTEF, Mrs Tejumola Abisoye, disclosed this on Wednesday at a press briefing in Lagos.

“CARES programme is a Lagos State intervention that seeks to reduce the impact of COVID-19 pandemic, especially on small businesses. The aim is to provide relief and to cushion the effect of income loss and the effect of COVID-19 on commercial activities in Lagos State,” she said.

According to her, while the initiative is part of the World Bank programme, CARES hopes to support the recoveries of at least 2,500 businesses in the state.

Abisoye said, “That grant is a paycheck protection and the agency would be intervening by providing a maximum of 40 per cent of their loans from any recognised financial institution from March 1, 2020, and to help reduce up to 50 per cent of businesses unavoidable costs suffered during and after the onset of Covid-19.

“The final category of grant would be provided to MSMEs to adopt and upgrade their digital technology.”

The grant, according to her, is open to any business in Lagos State as long as they can provide any form of verification materials.

“The portal is open, directly from the LSTEF site. There are also hard copy forms for application and also from any liaison office,” she said.

The Project Coordinator, Lagos State CARES, Bukola Kolajo, said, “The goal is to get businesses to start operating at the pre-Covid level. The grant would help with the sustainability of businesses.”

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