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23,000 businesses to be touched by LSETF in 2017 – Akin Oyebode

The Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Akintunde Oyebode, has stressed that the target set for the Trust Fund in 2017 is to touch 23,000 businesses.

Akin Oyebode made the disclosure during the ongoing LSETF Grassroots Engagement and Education on its loans scheme.

According to Oybode, “the LSETF in 2017 would give loans to 23,000 entreprenuers to grow their businesses. That is our target this year and we would meet it.”

He continued that “so far, we have already handed monies to about 1,900 businesses to the tune of N1.9 billion naira. This started from last year when we gave out offer letters to beneficiaries of the first phase of the LSETF scheme. The same process continues this year and we would ensure applicants who meet the requirements get access to our loans.”

In addition, Akin Oyebode reiterated that the LSETF forms are free and not to be sold at any cost while advising applicants to apply for loans they can repay.

“Our forms are free and can be accessed on our website, www.lsetf.ng, or picking of the forms in our liaison offices across the 20 Local Government Areas in Lagos. The forms are not to be sold at any cost nor do applicants have to pay money to submit the forms. It is however advisable for applicants to take advantage of the available loans and apply for the sum they can pay back,” he said.

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.

Meanwhile, the LSETF Grassroots Engagement and Education on its loan scheme held at the Surulere Local Government on Thursday, April, 27, 2017.

During the event, Akin Oyebode educated the constituents on the available loans in the scheme, the requirements and the processes to apply for the loans.

In his remarks during event, the Sole Administrator of Surulere Local Governemnt, Mr. Sherriff Balogun thanked the LSETF team and urged residents to take advantage of the loans.

“The idea of the LSETF was conceived by Governor Akinwunmi Ambode during his electioneering campaign. This is because economic empowerment is key to the continuous existence of a state or country. However, we should not feel the money is government money and can be considered a dash. Taking the LSETF loans and repaying when due would help others also benefit from the scheme,” he said.



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.