Are you an entrepreneur or do you intend to start-up a business based in Lagos and you need funds to pursue your business idea? Then take advantage of Lagos State Employment Trust Fund (LSETF) equity-free loan at 5% interest rate and be a part of the change to the future of Lagos economy.
Lagos State Government proactively established LSETF with the objective of providing financial support to youths and residents of Lagos State to run their businesses, which in turn would lead to the creation of jobs and reduce unemployment in the long run. The LSETF has two mandates: to provide equity free loan at 5% interest rate to entrepreneurs and start-ups and provision of training to unemployed.
To be eligible for this loan scheme, the requirements below are essential:
- Passport photographs
- Official Government Identification
- LASRRA Identification number
- Tax Identification number
- Training Certificate
The LSETF loan scheme is structured for micro, small and medium enterprise owners as well as micro-enterprise start-ups. The Micro-Enterprise loan scheme offers up to N500,000 at 5% interest rate per annum, while the SME loan scheme offers between N500,000 and N5 million for 3 years at 5% interest rate per annum. Provision has also been made for certified youths in vocational training to have access to a loan facility of N250,000 for business at 5% interest rate.
Nike Majekodunmi, the founder of Nuts About Cakes, a popular bakery with branches across Lagos, is a beneficiary of the LSETF loan scheme. With LSETF funds, she was able to open a new branch and recruit more personnel.
If you are unemployed or need to acquire skills for better job placement, please visit http://www.lsetf.ng/employability. For more information on how to apply for this programme, please visit https://lsetf.ng/