Oyo enumerates small scale business owners for COVID-19 recovery fund

OYO State government, in collaboration with the World Bank and the Bank of Industry, has embarked on another enumeration of small-scale 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 Lead 1 for Oyo State NG-CARES in Ibadan South-West Local Government Farayola Abdulraheed Adetunji, said the ultimate aim was to provide necessary financial support to revitalise small scale businesses, post COVID-19.

He said: “The enumeration exercise is a crucial step in ensuring that the right applicants receive the necessary financial support to revitalize their businesses.

“NG-CARES is designed to provide critical financial support to those who need it most, ensuring that small businesses can recover and thrive post-pandemic.”

This initiative aims to provide financial assistance to businesses affected by COVID-19.

The programme offers operational 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 microfinance banks or cooperatives.

The exercise is being conducted in clusters across 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, assisted by the World Bank, aimed at mitigating the impact of COVID-19 on poor and vulnerable groups.

The program, which began in 2022, is a continuous effort to support affected small business owners.

Eligible applicants include small business owners whose operations were severely impacted by COVID-19.

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Source:

Tribune Online