The Lagos State Employment Trust Fund (LSETF), has announced the opening of its loan application process for small businesses and startups operating in the state.
The LSETF Loan Programme application which opens on Monday, September 3, 2018 to close on Sunday, September 30, is in furtherance of the agency’s mandate to provide access to financial and institutional support to Micro, Small and Medium Enterprises (MSMEs).
According to LSETF management, applicants intending to secure funding of up to N500,000 can apply for the loan at five percent interest rate under the LSETF Loan Programme
The management added that interested applicants in the scheme can obtain application forms at the LSETF liaison offices across the 20 local government offices in Lagos State and can submit completed application forms at the same location or apply online via the LSETF website, www.lsetf.ng from Monday, September 10.
The LSETF stated that as part of the requirements for application, interested applicants are expected to attach alongside their application forms, proof of residency registration with the Lagos State Residents Registration Agency (LASRRA), tax identification, training certificate (for Startups), passport photographs and details of guarantors.
In addition, the agency stated further that existing micro enterprises were expected to show proof of sales evidenced by sales records or bank statements for six months.
Commenting on the opening of the loan application, the Executive Secretary of the LSETF, Mr. Akintunde Oyebode, stressed that the process remained 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 clarified: “This loan application window is a follow up to our existing loan programme where the Fund has disbursed almost N6 billion to approximately 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 will be accessible at periodic windows as we have it now. So I call on 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.
“To this end, 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”, Oyebode added.
According to him, in addition to accessing the loans, LSETF also provides beneficiaries with professional business trainings, helps promote their businesses through public procurement opportunities, fairs, exhibitions and awareness programmes.
The Executive Secretary pointed out that LSETF was also committed to creating enabling environment for small businesses operating in the state by working with relevant government Ministries, Department and Agencies (MDAs) to find lasting solutions to any issue, procedure or policy that constraints the operations of their businesses in the state.