In order to boost internally generated revenue (IGR) in the Federal Capital Territory (FCT), the FCT administration through the Abuja Enterprise Agency (AEA) has disbursed grants worth over N135 million to support more than 700 micro, small, and medium enterprises (MSMEs) across the six area councils of the FCT.
This is the second phase of the FCT-AEA CARES Grant that aims to alleviate the impact of the COVID-19 pandemic on businesses and foster their resurgence.
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The managing director/chief executive officer of the Abuja Enterprise Agency (AEA), Shehu Abdulkadir, while speaking to the beneficiaries, shed light on the pivotal role these grants play in driving MSMEs’ recovery.
He said that with the support of the World Bank, the FCT-AEA CARES Grant empowers entrepreneurs to rebuild and thrive amidst the pandemic-induced challenges, and that the grants are disbursed across three essential areas.
“The Credit Grant offers financial respite to MSMEs by assisting them in repaying up to 40 percent of their outstanding loans. The Operations Grant provides a lifeline for businesses, enabling them to cover crucial operational expenses such as utilities and payroll.
“Additionally, the Tech Grant supports MSMEs in embracing technology and digital transformation, empowering them to thrive in the modern business landscape,” he said.
He said as technology has become an indispensable tool for business continuity, it is important to leverage technological advancements to enhance competitiveness and adaptability.
“By harnessing the knowledge gained through the training and utilizing the grants effectively, entrepreneurs can accelerate their recovery and drive innovation in their respective industries.
“The FCT-AEA CARES Grant exemplifies the FCT Administration’s commitment to bolstering the growth of MSMEs, fostering job creation, and promoting economic resilience.
“The Abuja Enterprise Agency continues to monitor the grant utilization closely, ensuring that the funds are maximized to achieve the desired impact on business recovery in the FCT,” he said.
Abdulkadir explained that with the disbursement of grants, the FCT-AEA CARES Grant programme provides tangible support to over 700 SMEs, empowering them to rebuild, thrive, and contribute to the overall economic revival of the FCT.
Abdulkadir explained that with the disbursement of the grants, the FCT-AEA CARES Grant programme provides tangible support to over 700 SMEs, empowering them to rebuild, thrive, and contribute to the overall economic revival of the FCT.