Ekiti State Government has begun the second phase of disbursement of over N400m grant to 922 Micro and Small Enterprises in the state to alleviate and mitigate financial constraints and other economic challenges brought about by the COVID-19 pandemic.

The state Commissioner for Industry, Trade and Investment, Mrs Tayo Adeola, said in a statement in Ado Ekiti on Saturday that the disbursement, being carried out under the Ekiti State COVID -19 Action Recovery and Economic Stimulus followed Governor Biodun Oyebanji’s approval of the grants to qualified MSEs in the state.

Adeola said, “The EK-CARES grants are expected to provide the much-needed lifeline for businesses, enabling them to expand their operations, create job opportunities and contribute to the overall development of the state’s economy.

“This phase will benefit over 170 businesses on Disbursement Link Indicator 3.1 which is a credit grant, 652 businesses on DLI 3.2, which is an operation grant and 100 beneficiaries on DLI 3.3 being an Information Technology enhancement grant.

“The programme is one of Governor Biodun Oyebanji’s many initiatives to enhance the standard of living of the citizens and eradicate poverty in the state,” the commissioner said.

Adeola 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.

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

The state Commissioner for Finance, Mr Akin Oyebode, who represented Governor Kayode Fayemi, had said at that time that the programme was designed to ease the financial hardships and other economic difficulties caused by the COVID-19 pandemic.