Home > Wealth > Breaking: 1000 MSMEs To Get N5m Loan In LSTEF Pilot Phase; See Closing Date Of Entries

Breaking: 1000 MSMEs To Get N5m Loan In LSTEF Pilot Phase; See Closing Date Of Entries

Ahead of the the commencement of the pilot phase of the Lagos State Employment Trust Fund (LSETF) scheduled to commence in the month of December 2016, InsideMainland can report that 1,000 Medium and Small scale businesses in the State will benefit from the pilot phase.

As part of the plans, the eligible MSMEs will receive up to the sum of five million naira at an interest rate of 5% per annum.

Interested applicants can download http://lsetf.ng/downloads as entries for the soft loans will close on Friday, December 2, 2016. Applicants can submit their completed forms at 16, Billings Way, Oregon, Ikea, Lagos.

You would recall that Lagos State Governor, Mr. Akinwunmi Ambode announced that the commencement of the disbursement of N25billion Employment Trust Fund (ETF) initiative by his administration will commence by December 2016.

Commenting on the disbursement process, Ambode said the informal sector remains a critical vehicle for economic recovery. He added that the government was passionately committed to repositioning the sector for economic gains.

In his words, “let me tell you clearly that the N25bn ETF is for artisans and entrepreneurs in Lagos State. We will commence disbursement from the month of December 2016 and let me assure you that a larger percentage will go to our carpenters, our tailors, our hairdressers, our vulcanizers, and so on. Everybody that is a tradesman and is an artisan in Lagos will have automatic access to the Employment Trust Fund (ETF).”

Ambode added that the ETF was an initiative with the cardinal mandate to support the establishment and growth of small businesses to create job opportunities for the people by providing soft loans to genuine and credible artisans, and traders in the State.



Idris Aina
Idris is a media and communications professional with keen attention to details. 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.