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The Ekiti State Government has begun the second phase of disbursing over N400 million in grants to 922 micro and small enterprises in the state, Ekiti News reports.

According to the government, the fund disbursement is aimed to alleviate and address financial constraints and other economic challenges caused by the COVID-19 pandemic.

Mrs. Tayo Adeola, the State Commissioner for Industry, Trade, and Investment, revealed this information in Ado Ekiti. She stated that the disbursement is part of the Ekiti State COVID-19 Action Recovery and Economic Stimulus (EK-CARES) program.

The commissioner stated that the state governor, Biodun Oyebanji, approved the disbursement to qualified micro and small enterprises (MSEs) in the state as part of efforts to enhance economic growth.

She elaborated that the phase would benefit over 170 businesses on Disbursement Link Indicator (DLI) 3.1, which focuses on credit grants, 652 businesses on DLI 3.2 for operation grants, and 100 beneficiaries on DLI 3.3 for Information Technology enhancement grants.

Underlining the significance of empowering MSEs as a pivotal driver for economic growth and poverty reduction, Adeola stressed that these grants are anticipated to serve as a crucial lifeline for businesses. They will facilitate the expansion of operations, creation of job opportunities, and overall enhancement of the state’s economy.

The Commissioner urged the beneficiaries to use the grant for their intended purpose, assuring that the Oyebanji remained committed to his administration’s shared prosperity agenda by fostering a conducive business environment and supporting local enterprises in the state.

Recall that the State Government had in October 2022 disbursed N45m grant from the social investment programme to promote the growth of SMEs to 100 small business owners in the state.

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