700 SMEs benefit from N135m FCT-AEA CARES

The Federal Capital Territory Administration (FCTA), through the Abuja Enterprise Agency (AEA), has commenced the second phase…

The Federal Capital Territory Administration (FCTA), through the Abuja Enterprise Agency (AEA), has commenced the second phase of disbursement of the FCT-AEA COVID-19 Action Recovery Economic Stimulus (CARES) programme in the territory.

Over 700 Micro, Small and Medium Enterprises (MSMEs) in the six area councils of the FCT are to receive grants worth over N135m to support businesses affected by the COVID-19 pandemic.

The Managing Director of AEA, Shehu Abdulkadir, speaking at the just conducted pre-disbursement training and sensitisation programme for the beneficiaries, disclosed that the grants were part of a World Bank-assisted project designed to support MSMEs in their recovery from the adverse effects of the COVID-19 pandemic.

The training provided participants with vital information on financial literacy and management which will enhance their capacity to effectively utilise the grants in order to foster sustainable growth and economic development in the FCT.

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Abdulkadir elaborated on the three areas of intervention: credit grant which is provided to MSMEs to support payment of up to 40 per cent of their outstanding loan, operations grant to support MSMEs to meet up with operational expenses such as utilities, payroll and others, as well as grants to support the acquisition and adoption of technology by MSMEs towards the integration of technology into business processes.

He further emphasised that technology played a crucial role in mitigating the pandemic’s disruptions and driving business growth and so encouraged the participants to utilise skills acquired and grants in growing their businesses.

The FCT-AEA CARES project underscores the commitment of the FCTA in supporting MSMEs’ growth, promoting job creation and accelerating the economic recovery of the nation.

The AEA will ensure that the project’s objectives are met through monitoring the grants utilisation of participants.