We all need a little help now and then. No one is an island, and to be honest, going far can look a little easier when you have support.
As you may already know, the required help can be hard to find
In this article, we talk about one of such olive branches; the Lagos State Employment Trust Fund, what it entails and everything in between.
What is the Lagos State Employment Trust Fund (LSETF)?
Small and medium-scale enterprises or micro-businesses can find it difficult to stay afloat.
Whether it is cash flow problems or inability to break even, the challenges they face are many.
In recognition of this, they set the Lagos State Employment Trust Fund up.
The primary aim of the LSETF
The Lagos State Employment Trust Fund (LSETF) is an initiative set up by the Lagos State Government.
The initiative extends the government’s will and desire to grow and develop the economy of Lagos by providing access to financial help to small, medium-scale enterprises and micro-businesses that have the state as their base of operations.
The LSETF at a glance
The initiative provides loans to startup, small and medium-scale enterprises, or to sustain existing ones.
Recognizing the scarcity of white collar opportunities, and the resulting increase in unemployment, the LSETF seeks to combat this negative trend by providing the assistance to keep alternative means of employment alive.
How much is available in the Lagos State Employment Trust Fund?
Micro businesses are eligible to get amounts up to N500,000 in loans. at 5% interest rate per annum,
Small and medium-scale enterprises can get amounts of up to N5,000,000 in loans.
How much interest is charged on the Lagos State Employment Trust Fund?
Micro businesses can get up to N500,000 at an interest rate of 5 percent per annum. They charge the same 5 percent interest on loans given to small and medium-scale enterprises.
Pros and Cons of the LSETF
They have the following benefits listed below
- They charge low-interest loans granted, and
- It offers a substantial loan amount.
We have only one major con of the LSETF
- They restrict their services to only residents in Lagos state.
Eligibility requirements for the Lagos State Employment Trust Fund
These are the requirements that render you and your business eligible for the LSETF
We have listed below items for your attention
- Government Identification
- Notarized Guarantor Forms
- LASRRA (Lagos State Residents Registration Agency) Certificate and Tax Identification Number
- Training Certificate
- Passport photographs
- Evidence that you have incorporated your company with the corporate affairs commission. Your CAC Certificate.
The LSETF Learning Center
The learning center of the Lagos State Employment Trust Fund teaches prospective and existing business owners on how to begin and sustain their businesses.
The following range of topics are discussed
- starting your own business
- Managing your business
- How to get government contracting in Nigeria, and
- Reports on economic highlights.
If you’re looking to start your own business or you’re looking to grow and sustain it, an influx of cash is enough to settle those needs. Start-Up loans from the government like the LSETF are a significant source of financial help.
Seeking business support through loans?
Then you should consider the Lagos State Employment Trust Fund. You can also get Federal loans here to start your business.