It was indeed an electrifying atmosphere at Apapa Local Government today, March 23, 2017, after the Lagos State Employment Trust Fund (LSETF) team stormed the area in continuation of the ongoing Grassroots Engagement and Education for its loan scheme.
The event which is aimed at educating residents on the application process and requirements for the LSETF had the officers of the agency dishing out detailed information about the scheme to the residents.
Speaking at the event, the Executive Secretary, LSETF, Akin Oyebode, stressed the importance of the Trust Fund and the need for residents to apply for the scheme to grow their businesses. “The Lagos State Employment Trust Fund (LSETF) loans are available in Micro Enterprise Start Ups, Micro Enterprise and Small and Medium Scale Enterprises (SMEs) all at 5 percent interest rate per annum,” he said.
Oyebode who reiterated that the forms are free and open to all registered Lagos residents added that “aside that, we will soon roll out a skills acquisition and training programme where people would be trained first hand on areas such as carpentry, tailoring, agriculture, and many others. This training will allow Lagosians have adequate knowledge and the skill set required to survive and become employers of labour.”
Corroborating the Executive Secretary of the LSETF, the Baale of Marine Apapa, Chief Dr. J.O Ogunmola, urged residents to take advantage of the loan to expand their business. “The LSETF is for all of us who have plans to grow our business but lack the needed funds. The loans are available at very low interest rates compared to the ones we get elsewhere with the banks inclusive. I advise that we apply for the scheme and ensure we use the money to grow our business,” he said.
Responding to queries by residents who expressed fear of favouritism in the verification process for applicants, Oyebode said “while the LSETF loan is open to everyone, we will attend to those who meet all requirements as soon as we get their applications. The officers in charge of verification do so without bias and every applicant has equal chance of getting the loans.”
Meanwhile, the Hon. Kolawole Taiwo, Chairman of Ibile Microfinance Bank said at the event that the bank is working tirelessly alongside the LSETF to ensure Lagos residents get the needed monetary support to thrive their businesses.
The event also witnessed royal fathers, community leaders and other stakeholders who advised the residents to apply for the loans to grow their businesses.
The grassroots engagement and education on the LSETF loan scheme is scheduled to hold across 20 LGs in Lagos. The idea is to create an interactive session between the LSETF team and Lagosians who would be the direct beneficiaries of the loan scheme.