Ogun State Empowers MSMEs with N1 Billion Grant under OG-CARES Program
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The Ogun State Government, in partnership with the Federal Government and World Bank, has initiated the OG-CARES program, aiming to support Micro, Small, and Medium-scale Enterprises (MSMEs) affected by the economic impacts of COVID-19. Hundreds of business owners across the state are being registered for a N1 billion grant, providing financial assistance to expand their capital base.
The program disbursed N120 million in the first phase to beneficiaries across the 20 local council areas. The second phase, currently being assessed, aims to continue providing financial aid to qualified applicants ranging from N100,000 to N350,000 per business owner.
At a stakeholders’ engagement session in Abeokuta, Commissioner Dapo Okubadejo, representing Governor Dapo Abiodun, emphasized the government’s commitment to boosting economic growth by uplifting businesses. The grant extends to vulnerable individuals and those with physical impediments across various sectors.
To access the grant, beneficiaries must run businesses registered within the last three years with the Corporate Affairs Commission (CAC). Other requirements include evidence of tax payments and valid means of identification.
The government assures continuous support for business owners as long as their ventures remain active and registered. They highlight the critical role played by MSMEs in job creation, wealth generation, and overall economic development.
Interested individuals are encouraged to apply via the OG-CARES link provided (https://www.ngcaresbusiness.org), selecting Ogun State and uploading their business profiles and personal data. Officials advise careful completion to prevent delays in processing.
Government representatives from the House Assembly Committees on Transportation and Industry, Trade, and Investment applauded the initiative and cautioned beneficiaries against misusing funds, urging them to utilize the grant to bolster their capital base effectively.
Representatives from various business associations confirmed their members’ successful access to the grant, commending the government for fulfilling its promises made during election campaigns.
The OG-CARES program in Ogun State is not just a financial intervention but a strategic initiative aimed at empowering MSMEs to thrive and contribute significantly to the state’s economic growth and developments.
Source: msmeafricaonline
