In a transformative move, the Ogun State Government, in collaboration with the Federal Government and the World Bank, has launched the OG-CARES program. This strategic initiative is designed to provide substantial support to Micro, Small, and Medium-scale Enterprises (MSMEs) grappling with the economic aftermath of COVID-19. The program targets hundreds of business owners in the state, offering a generous N1 billion grant to fortify their financial foundations and fuel expansion.
During the inaugural phase, the program successfully disbursed N120 million to beneficiaries across the state’s 20 local council areas. The ongoing second phase, currently under evaluation, seeks to extend financial aid to eligible applicants, ranging from N100,000 to N350,000 per business owner.
At a stakeholders’ engagement session held in Abeokuta, Commissioner Dapo Okubadejo, representing Governor Dapo Abiodun, underscored the government’s dedication to fostering economic growth by uplifting businesses. The grant is inclusive, reaching out to vulnerable individuals and those facing physical impediments across diverse sectors.
To qualify for the grant, applicants must operate businesses registered within the last three years with the Corporate Affairs Commission (CAC). Other requisites include providing evidence of tax payments and a valid means of identification. The government affirms its unwavering commitment to supporting business owners, contingent on the active and registered status of their ventures. The pivotal role played by MSMEs in job creation, wealth generation, and overall economic development was emphasized.
Individuals eager to benefit from this initiative are urged to apply through the OG-CARES link at [https://www.ngcaresbusiness.org], selecting Ogun State and submitting their business profiles and personal data. Officials advise meticulous completion to ensure swift processing and discourage delays.
Representatives from the House Assembly Committees on Transportation and Industry, Trade, and Investment lauded the initiative during a stakeholders’ engagement session. Beneficiaries were cautioned against misusing funds, with a stern call to utilize the grant effectively in bolstering their capital base.
Members of various business associations attested to the success of their members in accessing the grant, praising the government for fulfilling its pre-election promises. The OG-CARES program in Ogun State is not merely a financial intervention but a well-thought-out strategy empowering MSMEs to flourish and make significant contributions to the state’s economic growth and development.