In a move to foster economic growth and job creation, the Lagos State Government has unveiled the Lagos State Employment Trust Fund (LSETF) Loan Program.
This initiative aims to provide accessible funding for small businesses, enabling them to expand, create wealth, and generate employment opportunities.
Key Details:
Interest Rate: The loan program offers a competitive interest rate of 9% per annum, making it an attractive option for aspiring entrepreneurs.
Eligibility: Business owners who are registered residents of Lagos State are eligible to apply for the LSETF loans.
Establishment: Enacted through the Lagos State Employment Trust Fund Law of 2016, the program is designed to address unemployment challenges by fostering job and wealth creation.
Initial Capital: The fund kicks off with an impressive initial capital of N25 billion, contributed over four years by the Lagos State Government.
Funding Sources: In addition to the government’s contribution, the program plans to secure additional funding from donor partners, development agencies, corporate organizations, and individuals.
Loan Categories:
LSETF Micro Enterprise Loan: Ranging from N50,000 to N500,000 per person, with a 9% interest rate and a 12-month tenure.
LSETF Micro-Enterprise Startup Loan: Available from N50,000 to N250,000 per person, featuring a 9% interest rate and a 12-month tenure.
TACT Loan: Tailored for residents and business owners within the Lagos East Senatorial District, offering up to one million Naira at a competitive 6% interest rate.
Loan Categories Breakdown:
Nano loans (N10,000 – N100,000)
Micro-enterprise startup loans (N50,000 – N250,000)
Micro-enterprise loans (N50,000 – N500,000)
Small & medium enterprise loans (N500,000 – N1,000,000)
Requirements For Loans:
Aspiring applicants need to provide various documentation, including LASRRA ID, Tax ID (LIRS), valid government-issued identity card, BVN, passport photographs, and bank statements.
Application Process:
Detailed information about the program and the application process can be accessed on the official website.
