Lagos CARES Application Form 2021 At LSETF Portal

Lagos CARES Application

Lagos CARES Application Form At LSETF Portal

Lagos CARES Application is currently ongoing for eligible households as well as enterprises that will receive COVID-19 Action Recovery and Economic Stimulus (CARES) of 100,000 Naira to 5,000,000 Naira from the state government. Interested candidates who possess all the requirements stated below should proceed and apply.

This programme is a grant organized to protect the livelihoods of existing and newly-poor/ vulnerable households while aiding the recovery of local economic activity among MSMEs affected by the pandemic.

The program consists of 3 Results Areas (RAs) which are as follows:

  • RA1 – Focuses on Social Protection
  • RA2 – Focuses on Agriculture and
  • RA3 – Aims at Micro Small and Medium scale enterprises (MSMEs)

Lagos State Employment Trust Fund (LSETF) is the MDA in charge of MSME intervention hence, it shall be in charge of the RA3 which is established to provide relief, facilitate the recovery as well as enhance capabilities of local Micro Small, and Medium scale enterprises (MSMEs) to curb the vulnerability and absorb the effect of income-loss brought about by the COVID-19 pandemic.

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The Grants is categorized into three (3) which is as follows:

Credit Grant

Credit grants are provided to co-finance up to 40% of new loans given to businesses by qualified financial institutions after the outbreak of the COVID-19 crisis.

Single Grantee Limit: ₦100,000 maximum for Micro-enterprises

₦1million maximum for Small and ₦5million maximum for Medium enterprises

Requirements

Micro Enterprises

  • BVN of Principal
  • Company Registration where applicable
  • Evidence of existing business operation.
  • LASRRA
  • Evidence of tax payment
  • Evidence of Existing Loan from qualified Financial institutions

SMES

  • BVN of Directors
  • Company Registration
  • Evidence of existing business operation.
  • Evidence of Tax Payments
  • LASRRA of Directors
  • Evidence of Existing Loan from qualified Financial institutions

Operations Grant

Operational Expenditure after the outbreak of Covid-19 shall be supported by covering operational costs to incentivize MSEs to reach pre- COVID 19 level of employment.

This grant shall cover at least 50% of any verifiable/ documented monthly operational cost for 6 months such as staff salaries, documented utilities, documented private security expenses, etc.

Single Grantee Limit: ₦150,000 maximum for Micro-enterprises

₦1.5million maximum for Small and ₦5million maximum for Medium enterprises

Requirements

Micro Enterprises

  • BVN of Principal
  • Company Registration where applicable
  • Evidence of existing business operation.
  • LASRRA
  • Evidence of tax payment
  • Evidence of Operating Expense Obligations
  • past 3 months Staff Payee Receipts for the

SMES

  • BVN of Directors
  • Company Registration
  • Evidence of existing business operation.
  • Evidence of Tax Payments
  • LASRRA of Directors
  • Evidence of Operating Expense Obligations
  • Staff PAYE receipt as of Dec 2019 with payment schedule)
  • Staff Payee Receipts for the past 3 months

IT Enhancement Grant

This grant shall fund MSMEs to increase their capacity through the adoption of technology.

Single Grantee Limit: ₦200,000 maximum for Micro-enterprises

₦2million maximum for Small and ₦5million maximum for Medium enterprises

Requirements

Micro Enterprises

  • BVN of Principal
  • Company Registration where applicable
  • Evidence of existing business operation.
  • LASRRA
  • Evidence of tax payment

Lagos CARES Application Procedure

  • Proceed to the Lagos CARES application portal.
  • Create and verify an application account.
  • Log into your dashboard.
  • Complete and submit your application.
  • Await notification for the next step if shortlisted.
  • The application deadline was not specified,

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