Call for Applications: LSETF MSME Loan Program (N50,000 – N500,000 per person)

Call for Applications: LSETF MSME Loan Program (N50,000 – N500,000 per person)

The LSETF Loan Program strives to provide small businesses with inexpensive access to capital so they can grow, expand, create wealth, and employ people.

The lending arrangement, which has an annual interest rate of about 9%, is offered to Lagos State registered business owners.

The Lagos State Employment Trust Fund (LSETF) was formed by the Lagos State Employment Trust Fund Law 2016 to give financial assistance to Lagos State people and to combat unemployment through job and wealth development.

The Fund will operate with an initial capital of N25 billion contributed over four years by the Lagos State Government, but will also raise additional funding from various sources including donor partners, development agencies, corporate organizations, and individuals.

Categories

The loans are in 4 categories and they are very easy to assess.

1. Nano Loans (N10,000 – N100,000)

  • Up to 12 months repayment
  • Only 5% equity contribution for Asset Loan
  • Only Letter of Recommendation required from Association, Traditional Ruler or Civil Servant Level 16
  • Minimal ID
  • No Collateral

2. Micro Enterprise Start-up Loans (N50,000 – N250,000)

  • Available to individuals who do not yet have a business but have received requisite training from a recognized vocational center
  • Up to 12 months repayment
  • Only 5% equity contribution for Asset Loan
  • Minimal ID
  • No Collateral

3. Micro Enterprise Loans (N50,000 – N500,000)

  • For existing businesses that have been in operation for a minimum of one year
  • These businesses are not well structured hence may not have CAC documents for the businesses
  • Up to 12 months repayment
  • Only 5% equity contribution for Asset Loan
  • Minimal ID
  • No Collateral
  • personal or business bank statement

4. Small & Medium Enterprise Loans (N500,000 – N1,000,000)

  • For existing businesses that have been in operation for a minimum of one year
  • These businesses must be registered with CAC as business name of Limited liability company
  • Up to 18 months repayment
  • Only 5% equity contribution for Asset Loan
  • Minimal ID
  • No Collateral
  • Business bank statement

To learn more, click here

Video guide here

Apply here

 

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