Lagos State Employment Trust Fund (LSETF) opens loan application window for MSMEs

Micro and Small Businesses including Startups operating in Lagos State can now approach the LSETF for small business loans for the 2018 season as the Lagos State Employment Trust Fund opens its loan application window to MSMEs operating in the State. According to the Fund, applicants intending to secure funding of up to N500,000 can apply for the loan at 5% interest rate under the Loan Program which commenced on September 3, and closes on Sunday, September 30.Applicants can obtain forms at LSETF liaison offices across the 20 local government offices in Lagos State and can also submit completed application forms at the same location or apply online via the LSETF website.

Executive Secretary, LSETF, Mr. Akintunde Oyebode, said that the process is entirely free and open to all small business operators who are residents of Lagos State, irrespective of their tribe, gender, religion or political affiliation. He stated that “This loan application window is a follow up to our existing loan programme in which we disbursed about N6 billion to 7,000 beneficiaries. The month-long application window is now possible following the process optimization we carried out as a result of the huge backlog we had to deal with having recorded an overwhelming response to the open and rolling application process we had running before.

“Going forward, the LSETF applications would be accessible at periodic windows as we have it now. I want all the qualified small businesses to apply as soon as possible before the close of the application window. “I am very proud that the process for obtaining these loans has been transparent, merit-based, free and fair. This is a testament to the integrity of the LSETF team, who have demonstrated exemplary adherence to our core values and their unwavering commitment to help small businesses expand and create jobs.

“I am pleased to note that the existing beneficiaries have been able to put more than 24,000 people to work within the last two years,” he said. To apply, applicants are to obtain application forms at the LSETF liaison offices across the 20 local government offices in Lagos State and submit completed application forms at the same location or apply online via the LSETF website from September 10, 2018.

Meanwhile, proof of residency registration with the Lagos State Residents Registration Agency (LASRRA), tax identification, training certificate (for Start-ups), passport photographs and details of guarantors, are expected to be attached alongside application forms. In addition, existing micro enterprises are expected to show proof of sales evidenced by sales records or bank statements for six months.

In addition to the business loans, LSETF provides beneficiaries with business trainings, business promotion through public procurement opportunities, business fairs and exhibitions including awareness program.