Applications open for LSETF MSME Loan Program (N50,000 – N500,000 loans)
The Lagos State Employment Trust Fund (LSETF) has introduced a new application platform for its Micro, Small, and Medium Enterprises (MSME) loan initiative, enabling entrepreneurs to secure up to N5 million to enhance their business activities.
The primary objective of the LSETF MSME Loan Program is to facilitate affordable funding opportunities for small businesses, enabling them to thrive, expand, generate wealth, and contribute to employment opportunities. This loan scheme offers a competitive interest rate of 9% per annum and is exclusively accessible to business owners who are registered residents of Lagos State.
The establishment of the Lagos State Employment Trust Fund (LSETF) was mandated by The Lagos State Employment Trust Fund Law 2016, with the aim of offering financial assistance to Lagos State residents, ultimately addressing unemployment concerns by fostering job creation and wealth generation.
The LSETF disclosed the launch of the loan platform, encouraging business owners to submit applications for financial assistance to drive their business expansion in 2024. The loan scheme aims to assist enterprises in accomplishing various objectives, such as expanding operations, entering new markets, or introducing new products.
The MSME loan program is categorized into three segments: Micro Enterprise Startup (MES) Loan, Micro Enterprise (ME) Loan, and Small & Medium Enterprise (SME) Loan.
Under the MES classification, applicants can obtain between N50,000 and N250,000. The prerequisites include:
- LASRRA ID
- Tax ID (LIRS)
- Valid government-issued ID card
- Bank Verification Number (BVN)
- 1 passport photograph
- Vocational training certificate from a recognized certifying body in Lagos State
MSME candidates are entitled to loans ranging from N50,000 to N500,000, with the following conditions:
- LASRRA ID
- LIRS tax receipt
- Valid government-issued ID card
- Bank Verification Number (BVN)
- 1 passport photograph
- 6-month bank statement(s)
For SME business loans, applicants can secure between N500,000 and N5 million by submitting the following documents:
- LASRRA ID
- LIRS tax receipt
- Valid government-issued ID card
- Valid CAC documents
- Bank Verification Number (BVN)
- 1 passport photograph
- 6-month corporate bank statement(s)
- Business registration with CAC and operational for a minimum of one year.
Application
