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  The Lagos State Government, through the Lagos State Employment Trust Fund (LSETF) is inviting MSMEs in the state to apply for grants under the COVID-19 Action Recovery and Economic Stimulus (CARES) program. If they meet preset criteria, they could receive grants of up to ₦1 million. This program is aimed at supporting the recovery of MSMEs in the state after the ravages of the COVID-19 pandemic.
Read more about Opportunities
Businesses can apply for one of three grant types, namely:
  • Credit Grant
  • IT Enhancement Grant
  • Operations Grant

Credit Grant

This covers up to 40% of performing loans taken by businesses starting in June 2020, to date, from selected financial institutions following the emergence of the COVID-19 crisis.
  • Here, micro-enterprises and SMEs could both be eligible for loans of up to ₦1 million.

Operations Grant

The Operations Grant is given to prop-up the operational expenditure of MSMEs in Lagos after the emergence of the COVID-19 pandemic. This grant will cover up to 50% of monthly operational costs for 6 months. The costs to be covered include staff salaries, documented utilities, and documented private security expenses.
  • Micro enterprises will receive up to ₦150,000
  • SMEs will get up to ₦1 million
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IT Enhancement Grant

This grant helps MSMEs to acquire technologies that will improve their operations and productivity.
  • Micro enterprises will receive hardware and/or software worth up to ₦300,000
  • SMEs will get hardware and/or software worth up to ₦1.5 million

Eligibility

Micro Enterprises
  • Principal’s BVN
  • Evidence of company registration (where this applies)
  • Evidence that the business is currently in operation
  • LASRRA (Lagos State Residents Registration Agency) ID
  • Evidence of Operating Expense Obligations
  • Evidence of tax payment
  • Staff Payee Receipts for the past 3 months
  • Minimum of 3 staff
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SMEs
  • Directors’ BVN
  • Evidence of company registration
  • Evidence of tax payment
  • Evidence that the business is currently operational
  • Directors’ LASRRA IDs
  • Evidence of Operating Expense Obligations
  • Staff Payee Receipts for the past 3 months
  • Staff PAYE receipt as of Dec 2019 (with payment schedule)
  • Minimum of 10 staff
If you would like to apply for the LSETF Lagos CARES Grant, you can do so HERE.
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This article was first published on 10th February 2023

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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