The Lagos State Employment Trust Fund (LSETF) serves as a catalyst to stimulate the creative and innovative potential of all Lagos residents and alleviate unemployment across the state. With a mandate to invest N25 billion directly, the Fund aims to assist Lagos residents in growing and expanding their Micro, Small, and Medium Enterprises (MSMEs) or acquiring skills for better employment opportunities.
The LSETF Loan Programme endeavors to provide affordable access to funding for small businesses to foster growth, wealth creation, and job opportunities. The loan program, featuring a favorable 9% annual interest rate, is available to business proprietors who are officially registered as residents of Lagos State.
The Fund anticipates generating 300,000 direct and 600,000 indirect jobs within three years by supporting at least 100,000 MSMEs. Its primary delivery mechanism involves partnering with experienced entities to leverage their capabilities in achieving its objectives.
The loan program includes:
- Micro Enterprise Loan
- Micro Enterprise Start-Up Loan
- Small and Medium Enterprise Loan
Features:
- Accessible to all business proprietors operating and living in Lagos State
- Maximum loan amount: N500,000
- Loan tenor: 12 months (no moratorium)
- Equity: 5% of loan size
- Interest rate: 9% per annum
Requirements:
- Lagos State Residents Registration Agency (LASSRA) ID
- Tax Identification Number (TIN) from Lagos State Internal Revenue Service (LIRS)
- Valid government-issued identity card
- Bank Verification Number (BVN)
- Two passport photographs
- Six months’ bank statement
- Businesses must have been operational for a minimum of one year.
For the Micro Enterprise Start-Up Loan:
Benefits:
- Available to all micro-enterprise start-ups in Lagos State
- Maximum loan amount: N250,000
- Tenor: 12 months
- Equity: 5% of loan size
- Interest rate: 9% per annum
Requirements:
- LASSRA ID
- Tax ID (LIRS)
- Valid government-issued identity card
- BVN
- One passport photograph
- Certificate of Vocational Training from an Accredited Certification Organization in Lagos State
For the Small and Medium Size Enterprise Loan:
Benefits:
- accessible to all Lagos State residents and operators of small and medium-sized businesses
- Maximum loan size: N5 million
- Tenor: 24 – 36 months
- Equity: 5% of loan size
- Interest rate: 9% per annum
Requirements:
- LASSRA ID
- Tax ID (LIRS)
- Valid government-issued identity card
- T The Federal Inland Revenue Service (FIRS) issues Tax Identification Numbers (TINs).
- Valid Corporate Affairs Commission (CAC) documents
- BVN
- Two passports
- Twelve months corporate bank statement
- Business registered with CAC and operational for at least a year
Interested individual can submit their applications using the link provided.
For further information,
Application deadline: March 31, 2024.
