OG-CARES Grant: Ogun State Launches Second Phase of N1 Billion Operational Grant for MSMEs

Ogun State has started the second phase of its N1 billion Operational Grant for Micro and Small Scale Enterprises (MSMEs). This grant is part of the OG-CARES scheme. The first phase was in 2023, where 1,000 small businesses got money. Now, the second phase will help 2,822 more businesses.

First Phase Recap

In 2023, the Ogun State Government gave money to small businesses:

• Micro-entrepreneurs: Received N100,000 each.
• Small-scale enterprises: Received N350,000 each.

This helped many small businesses grow and survive tough economic times.

Second Phase Goals

The second phase aims to support 2,822 entrepreneurs. This phase is part of the state government’s “Building Our Future Together” Agenda. It shows the government’s promise to help small businesses grow. Small businesses are important for creating jobs and developing the economy.

Government Support and Selection Process

Governor Dapo Abiodun said the grants are to help businesses facing economic challenges. The selection process was fair and involved many stakeholders like local government chairmen and market associations. This process ensured that the right people got the help they needed.

The governor thanked President Bola Ahmed Tinubu for starting the scheme. He also said the grants will continue to be given out until after June 2024. He asked the beneficiaries to use the money wisely to help grow the economy.

Responsibility of Beneficiaries

Speaker of the State House of Assembly, Rt. Hon. Oludaisi Elemide, reminded the beneficiaries to use the money for its intended purpose. The grants come with a responsibility to use them well and help the economy grow.

OGCARES Scheme Background

Mr. Dapo Okubadejo, the Chairman of the OGCARES steering committee and Commissioner for Finance, explained that the scheme started in 2022 to help businesses affected by the COVID-19 pandemic. The grants are also a form of social protection for the poor and vulnerable. They support agricultural businesses and help small and medium-sized enterprises (SMEs).

Praise for the Scheme

Hon. Emilola Gazal, ALGON Chairman and Ijebu Ode Local Government Chairman, praised the state government for its efforts to develop the grassroots. He said the grants are timely, especially during the current economic hardships.

Representatives from business and market associations also praised the government. Dr. Femi Egbesola of the Association of All Business Owners of Nigeria and Chief (Mrs) Ganiyat Oyelakin representing the Iyaloja General of Ogun State, thanked the government for helping business owners, youths, and farmers. They said the OGCARES scheme has helped many become employers.

Benefits of the OGCARES Scheme

The OGCARES scheme provides many benefits:

1. Financial Support: Helps small businesses get the money they need to grow.
2. Economic Growth: By helping small businesses, the scheme helps the overall economy grow.
3. Job Creation: Many businesses can hire more people with the grant money.
4. Social Protection: Supports poor and vulnerable people by helping their businesses.
5. Agricultural Support: Helps agricultural businesses grow and produce more food.

Table of Grant Distribution

Business Type	Number of Beneficiaries	Amount Received
Micro-entrepreneurs	1,000	N100,000 each
Small-scale enterprises	1,000	N350,000 each
Second Phase (Total)	2,822	Various amounts

How Much Fund is Good

The amount of money each business needs depends on its size and type. Here are some guidelines:

• Micro-entrepreneurs: Usually need around N100,000 to cover basic expenses and grow their business.
• Small-scale enterprises: Often need more, around N350,000, to expand and improve their operations.

It is important for businesses to ask for the amount they truly need. This helps them use the money effectively without running into problems later.

Conclusion

The Ogun State Government’s OG-CARES scheme is a big help to small businesses. The second phase of the N1 billion Operational Grant will support many more entrepreneurs. By following the steps and using the grants wisely, beneficiaries can grow their businesses and help the economy. This initiative shows the government’s commitment to building a better future for all.