Applications now open for LSETF MSME Loan Program (N50,000–N500,000 loan per SME)
The Lagos State Employment Trust Fund (LSETF) has recently introduced an application portal for its Micro, Small, and Medium Enterprises (MSME) loan program. This initiative aims to assist business owners in expanding their operations by providing them with the opportunity to access up to N5 million in funding.
The primary objective of the LSETF MSME Loan Program is to facilitate affordable funding opportunities for small businesses, enabling them to thrive, expand, generate wealth, and contribute to employment opportunities. This loan scheme offers a competitive interest rate of 9% per annum and is exclusively accessible to business owners who are registered residents of Lagos State.
The establishment of the Lagos State Employment Trust Fund (LSETF) was mandated by The Lagos State Employment Trust Fund Law 2016, with the aim of offering financial assistance to Lagos State residents, ultimately addressing unemployment concerns by fostering job creation and wealth generation.
In an official statement released on Monday, LSETF announced the launch of the loan portal and encouraged entrepreneurs to apply for financial support to fuel their business growth in 2024. The loan program has been specifically designed to aid businesses in achieving various objectives, such as scaling their operations, venturing into new markets, or introducing new products.
The MSME loan program is categorized into three sections: Micro Enterprise Startup (MES) Loan, Micro Enterprise (ME) Loan, and Small & Medium Enterprise (SME) Loan.
For the MES category, applicants can receive loan amounts ranging from N50,000 to N250,000. The necessary requirements include:
- – LASRRA ID
- – Tax ID (LIRS)
- – Valid government-issued identity card
- – Bank Verification Number (BVN)
- – 1 passport photograph
- – Vocational training certificate from a Lagos State-recognized certifying body
MSME applicants are eligible for loans ranging from N50,000 to N500,000, and they must fulfill the following requirements:
- – LASRRA ID
- – LIRS tax receipt
- – Valid government-issued identity card
- – Bank Verification Number (BVN)
- – 1 passport photograph
- – 6-month bank statement(s)
For SME business loans, applicants can access loan amounts between N500,000 and N5 million by providing the following documents:
- – LASRRA ID
- – LIRS tax receipt
- – Valid government-issued identity card
- – Valid CAC documents
- – Bank Verification Number (BVN)
- – 1 passport photograph
- – 6-month corporate bank statement(s)
- – Business registration with CAC and operational for at least a year.
Application
