The Lagos State Employment Trust Fund (LSETF) is a system that was established by The Lagos State Employment Trust Fund Law 2016.
The aim of the trust fund is to provide financial assistance to the inhabitants of Lagos State, for job, wealth creation and to tackle unemployment.
The Fund according to the Lagos State Employment Trust Fund (LSETF) website will operate with an initial capital of N25Billion donated over the period of four years by the Lagos State Government.
They will also raise extra funding from various sources including development agencies, donor partners, corporate establishments, and individuals.
The Lagos State Employment Trust Fund (LSETF) will focus on promoting entrepreneurship through the process of improving access to finance, strengthening the institutional capacity of MSMEs.
Also, 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. (Source: Website)
The LSETF Business Loan Programme aims to create reasonable access to funding for small businesses to grow, expand, create wealth and ensure individuals are put to work.
The business loan scheme, which attracts only 5% interest rate per annum, is available to business owners who are registered residents of Lagos State.
The Lagos State Employment Trust Fund (LSETF) has three (3) categories of business loan offerings. Take a look at the various categories below and examine which of them suits your business:
Small and Medium Enterprise Owners – Loans of up to N5,000,000 per business
This is applicable to registered companies, with CAC and personal tax registration details! Residents of Lagos state, and have a LASRRA ID, a Federal Government issued ID card and two people to guarantee your loan and ensure it will hire new employees
Micro Enterprise Owners – Loans of up to N500,000 per person
Applicable to those personal tax registration details who reside in Lagos. They must have a LASRRA ID, have a Federal Government issued ID card and a guarantor for the business loan.
Micro Enterprise Start-Up – Loans of up to N250,000 per person
Applicable to anyone with relevant business training certificates. Reside in Lagos, have a LASRRA ID and Federal Government issued ID card. Also, should have a person to guarantee your loan.
What Are the Criteria for Eligibility
Depending on what category of loan you want, you may or may not need to fulfill all the following criteria. But generally, what you need are:
- Official Government Identification
- LASRRA Identification Number
- Tax Identification Number
- Evidence of company incorporation with the Corporate Affairs Commission (CAC).
- The resident of Lagos State.
- Completed Guarantor’s Form
- And your business must be able to hire new employees with the loan.
For more information about the Lagos State Employment Trust Fund (LSETF) business loan. Visit their website here.
Let me know your thoughts about this business loans that will be given to qualified entrepreneurs by leaving a comment below.