Kwara Launches COVID-19 Recovery Loans for MSMEs Worth N160m.

The first tranche of the KWARA NG CARES RA3 operational grants, totaling N160,550,000, was distributed to 688 small and micro-scale companies on Tuesday by the Kwara state government.

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NewsReport that these recipients include 623 micro-size enterprises spread across the state’s 16 local government areas, which will receive N200, 000 each, and 45 small scale businesses, which would receive N700,000 each.

The General Manager of KWASSIP, Mr. Abdulquawiy Olododo, stated that the program is a World Bank-assisted emergency recovery and intervention programme to curb the impact of COVID-19 on businesses in the state.

He said the programme, which is being facilitated by the Kwara state government is also meant to provide economic relief and improve the employment rate in the state.

The GM 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.

The acting technical head of the NG CARES For MSMEs RA3, Mrs. Rukayat Yahaya urged beneficiaries to utilize the grants for intended purposes.

She also stated that the operational grant will be followed by the credit grant for easing financial constraints on MSEs and IT enhancement grant for upgrading MSEs’ capabilities.