Home > My Area > Getting you ready to apply for LSETF loan; Here are the steps to follow (1)

Getting you ready to apply for LSETF loan; Here are the steps to follow (1)

The news of the launch of the Lagos State Employment Trust Fund (LSETF) was greeted with positive reactions among Lagos residents as well as entrepreneurs and other business owners who operate within the State.

The LSETF established under the Lagos State Employment Trust Fund Law 2016, aims to provide financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment. The scheme serves as an instrument to inspire the creative and innovative energies of all Lagos residents and reduce unemployment across the State.

However, several months after the launch of LSETF, a myriad of residents still battle with understanding the processes involved in applying for the loan scheme. While some of the reasons could be attributed the difficulties involved in meeting the set guidelines to apply for the loan, another major issue of concern is understanding the eligibility criteria involved to allow easy process of applying for the scheme.

In order to address this issue, the InsideMainland team has concluded plans to daily, publish a detailed breakdown of the eligibility criteria of the LSTEF to properly educate Mainlanders.

By so doing, this will allow residents who desire to apply for the loan(s) to have adequate information about the process and also have firsthand knowledge of the requirements for the scheme.

Listed below is the eligibility criteria for the LSETF scheme.

  1. LASRRA Identification
  2. Personal Identification Document – (International Passport/Driver’s License/Permanent Voter’s Card)
  3. Personal Tax Card (of Promoters)
  4. Company Tax Certificate (for registered companies)
  5. Company Incorporation Certificate (where applicable)
  6. Proof of Training or Education (certificates)
  7. Guarantor Form (MEs are required to submit one form, while SMEs are required to submit 2 forms)
  8. Invoices for Assets to be Purchased (where applicable)

Today, the InsideMainland team will explain the first criteria on the guidelines for the LSETF which is the LASRRA Identification.

The Lagos State Residents Registration Agency (LASRRA) was established when the Residents Registration Agency Bill was passed and signed into law with the aim to register all residents of Lagos State, irrespective of age, gender, ethnicity, religious affiliations or nationality.

As long as the individual resides in the State and intends to continue to remain in the State for 6 months or more, they are obligated to register.

How to Register

There are two (2) modes of registration for LASSRA:

  • Online, whereby the applicants registers via the internet. A unique reference number is generated online, which the applicant takes to their nearest registration point or office, for their biometric information to be captured.
  • Direct Registration at a registration point. Here the applicant’s data is entered manually by the registration officer directly into the registration data bank and their biometric information is captured.

For both modes of registration, when the individual’s biometric data is captured at the Registration Station, a temporary Registration Card is issued for the applicant to retain. This will be valid for 12 months from the date of issue. This serves as proof of registration and must be presented when the permanent residency card is printed and to be collected.

Applicants can register anywhere across the state, not necessarily where they live or work, but must pick up their printed residency cards from the registration office located within the LGA/LCDA of their place of residence.

Registration is not complete, until the biometric data of the applicant has been collected at the point of registration.

In case you missed it, you can find the list of dedicated points to register for LASRRA as earlier reported by InsideMainland here.

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Idris Aina
Idris is a media and communications professional with keen attention to details. Also an entertainment enthusiast, he is an ardent fan of the team from the Red Side of Manchester with love for football banters. He tweets with the handle @arlomah
http://insidemainland.com