Business News

LSETF initiates loan program for business owners residing in Lagos 

The Lagos State Employment Trust Fund (LSETF) has launched  a loan program aimed at providing affordable access to funding for small businesses to grow, expand, create wealth, and generate employment.

TheTimes learnt that the loan scheme offers an interest rate of 9% per annum and is available to business owners who are registered residents of Lagos State.

Established by the Lagos State Employment Trust Fund Law of 2016, the LSETF aims to provide financial support to residents of Lagos State for tackling unemployment through job and wealth creation.

The Fund starts with an initial capital of N25 billion, contributed over four years by the Lagos State Government. It will also seek additional funding from donor partners, development agencies, corporate organizations, and individuals.

Here are the loan categories available:

LSETF Micro Enterprise Loan (N50,000 – N500,000) per person

LSETF Micro-Enterprise Startup Loan (N50,000 – N250,000) per person

Residents and business owners within the Lagos East Senatorial District, including Epe, Ibeju-Lekki, Ikorodu, Kosofe, and Somolu, are eligible to apply for the TACT Loan. This loan provides up to one million Naira at an annual interest rate of 6%.

To learn more about the program, visit here for more information. Applications can be made here

Back to top button