Kwara govt disburses N160m grants to 688 SMEs

By Mosunmola Ayobami, Kwara

Kwara State government, on Tuesday, flagged off the disbursement of N160million grants to 688 small and micro-scale businesses in the first tranche of the KWARA NG CARES RA3 Operational Grants. 

The beneficiaries comprised 45 small scale businesses that will receive N700,000 each, and 623 micro-scale businesses that will receive N200,000 each cutting across the 16 local government areas of the state. 

In his welcome speech, General Manager of KWASSIP, Mr. Abdulquawiy Olododo stated that the program is a World Bank-assisted emergency recovery and intervention program that is being facilitated by the Kwara State government to curb the impact of Covid-19 on businesses in the state as well as to provide economic relief and improve the employment rate in the state.

He further stated that the program is kicking off with the disbursement of the operational grant, which will be followed closely by the credit grant and IT enhancement grant.

He added that the program is one of the many efforts of Governor AbdulRahman AbdulRazaq to improve the quality and ease of running businesses in Kwara State.

Acting Technical Head of the NG CARES For MSMEs RA3, Mrs. Rukayat Yahaya urged beneficiaries to utilize the grants in covering operational expenditures to incentivize employment retention and to keep their businesses running as the grant was an emergency recovery fund designed to help their businesses recover from the effect of COVID-19 pandemic.

In his remarks, Commissioner for Business Innovation and Technology, Ibrahim Akaje, encouraged all beneficiaries to make use of the opportunity given to them as well as encourage and guide other business owners on the paths to pursuing opportunities like this.

Commissioner of Finance, Mrs. Florence Oyeyemi, commended the government and implementing unit on transparency of process. She further urged beneficiaries to appreciate the effort of the state government as this is first of its kind in the state.