The Lagos State Employment Trust Fund (LSETF) is a scheme that was established by the Lagos State Employment trust Fund Law 2016 to provide financial support in the form of loans to residents of Lagos State who own businesses to enable them to grow, expand, create jobs, tackle unemployment, and enrich themselves in the process.
According to their website, “The Fund will operate with an initial capital of N25Billion contributed over four years by the Lagos State Government, but will also raise additional funding from various sources including donor partners, development agencies, corporate organizations and individuals.
LSETF will focus on promoting entrepreneurship by improving access to finance, strengthening the institutional capacity of MSMEs and formulating policies designed to improve the business environment in Lagos State. In addition, the Fund will also develop programmes designed to train and place unemployed Lagos residents in jobs; while also focusing on programmes designed to drive innovation within the Lagos ecosystem”
How Much Investment/Loan Can You Get From LSETF?
You can get anywhere from 250,000 Naira to 5,000,000 Naira in loan from the LSETF to be repaid with a yearly interest rate of 5%.
What Are The Criteria For Eligibility
Depending on what category of loan you want, you may or may not need to fulfil all the following criteria. But generally, what you need are:
- A registered company with the Corporate Affairs Commission (CAC).
- Personal tax registration details.
- Must reside in Lagos.
- Must have a LASRRA ID.
- Must have a Federal Government issued ID card.
- Must have two people to guarantee your loan.
- And your business must be able to hire new employees with the loan.
You can learn more about the Lagos State Employment Trust Fund (LSETF) by visiting their website.
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What are your thoughts on the Lagos State Employment Trust Fund (LSETF) business loans that will be given to qualified entrepreneurs? Let me know by leaving a comment below.