Small Business Owners in Oyo State to Receive N120,000 to N480,000 Grant through NG-CARES/Oyo-CARES Project
The Oyo State government, in collaboration with the World Bank and the Bank of Industry, has initiated an enumeration of small-scale business applicants for the NG-CARES/Oyo-CARES project. This initiative is designed to support small businesses affected by the COVID-19 pandemic.
Key Details:
Objective: Provide financial support to revitalize small-scale businesses post-COVID-19.
Financial Assistance:
– Operational grants ranging from N120,000 to N480,000.
– Debt relief grants ranging from N150,000 to N300,000 for those with outstanding loans.
Locations: The enumeration is being conducted in clusters across three local governments: Ibadan North, Ogbomoso North, and Ibadan South-West.
Funding: NG-CARES is a $750 million Federal Government credit project assisted by the World Bank, aimed at mitigating the impact of COVID-19 on vulnerable groups.
Eligibility: Small business owners whose operations were severely impacted by COVID-19.
These initiatives underscore the Oyo State government’s commitment to fostering entrepreneurship, reducing unemployment, and supporting small businesses, especially in the wake of the COVID-19 pandemic.