Aligning with its values of being a catalyst to create an enabling environment for small businesses to thrive in Lagos State, the Lagos State Employment Trust Fund (LSETF) will have empowered nearly 2,000 businesses in the State by the end of March 2017.
This development was announced by the Executive Secretary of the LSETF, Akin Oyebode during a grassroots engagement and education on its loan scheme which held at Apapa Local Government.
Speaking at the event, Oyebode said “the LSETF is an initiative of the Lagos State Government and it was conceived with the commitment to boost the Lagos economy through job creation, leverage and access to finance for micro, small, and medium enterprises operating in the State. The mandate was to provide support to at least 100,000 MSMEs, create at least 300,000 direct and up to 600,000 indirect jobs by 2019.”
He continued that “the LSETF has given loans of more than N900 million to 705 beneficiaries from the first phase of the loan scheme. In few days, another set of 700 beneficiaries would be handed offer letters totaling about N800 million for them to grow their businesses.”
Commenting on the number of businesses that have benefitted from the LSETF loan scheme, Oyebode said “so far, LSETF has empowered close to 1,500 businesses and before the end of March 2017, we would have touched up to 2,000 businesses in Lagos State.”
Since its establishment, the LSETFs’ mandate include provision of training for the unemployed and job placements for the employable; mentorship and support for SME owners and improvement of the policy environment to ensure a conducive operational environment for small businesses in the state.
Through this scheme promoters and owners of micro-startups can get a loan of N250,000; micro-business can get a loan of up to N500,000; while small-businesses can get a loan of up to N5,000,000 all at 5% interest rate per annum.