The OYO State Government, in collaboration with the World Bank and Bank of Industry, has embarked on another enumeration of small business applicants for the NG-CARES/Oyo-CARES project.
Speaking at the enumeration held at Aleshinloye, Ibadan, on Monday, the Coordinator and Disbursement Link Indicator 1 Leader for Oyo State NG-CARES in Ibadan South West Local Government, Farayola Abdulraheed Adetunji, said the ultimate goal was to provide the financial support needed to revitalize small businesses, post COVID-19.
He said: “The enumeration exercise is a crucial step in ensuring that suitable applicants receive the financial support needed to revitalize their businesses.
“NG-CARES is designed to provide critical financial support to those who need it most, ensuring small businesses can recover and thrive after the pandemic.”
This initiative aims to provide financial assistance to companies affected by COVID-19.
The program offers operating grants ranging from N120,000 to N480,000, and debt relief grants ranging from N150,000 to N300,000 for those who have outstanding loans with banks or microfinance cooperatives.
The exercise is being carried out in groups in three locations: Ibadan North Local Government, Ogbomoso North Local Government and Ibadan South West Local Government.
NG-CARES is a $750 million Federal Government credit project, with assistance from the World Bank, aimed at mitigating the impact of COVID-19 on poor and vulnerable groups.
The program, which began in 2022, is an ongoing effort to support affected small business owners.
Eligible applicants include small business owners whose operations have been severely impacted by COVID-19.
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