In line with its mandate to provide access to financial and institutional support to Micro, Small and Medium Enterprises (MSMEs), 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.
Applicants intending to secure funding of up to Five Hundred Thousand Naira (N500,000) can now apply for the loan at 5% interest rate under the LSETF Loan Programme commencing Monday, September 3, 2018 to close on Sunday, September 30, 2018.
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, 2018.
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, existing micro enterprises are expected to show proof of sales evidenced by sales records or bank statements for six months.
Speaking on the opening of the loan application, the Executive Secretary of the LSETF, Mr. Akintunde Oyebode said the process is entirely free and open to all small business operators who are residents of Lagos State, irrespective of their tribe, gender, religion or political affiliation.
“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 monthlong 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,” Mr. Oyebode said.
“I am very proud that the process for obtaining these loans has been transparent, meritbased, 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,” he added.
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.
LSETF will also work to help create an enabling environment for small businesses operating in the state by working with relevant government ministries, department and agencies to address any issue, procedure or policy that hampers the smooth operations of their businesses in the state.
This program is far from being transparent as being peddled about. There are some illegal associations acting as intermediaries and asking for 130k consultancy fee to be able to access the funds in the N5m categories as I already had a business running with 3 staff with a potential to increase to about 10 staff. I ignored them and went ahead to process my application unfortunately I didn’t get any response from them. Upon calling I was asked to go and re-apply without any comments. It was then I realised we are not ready yet as a country.
Serious