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) has launched its Programme Application Loan Management – Portal.
With the LSETF Online Application Portal, the loan application process is now fully automated making it easy and convenient for Micro, Small and Medium Enterprises (MSMEs) based in Lagos State to send in their applications online and take advantage of the LSETF’s loan programmes.
According to Akin Oyebode, the Executive Secretary, LSETF, “our application portal is a software solution to be utilized for Beneficiary Selection and Verification for the purpose of the LSETF loan programmes. By visiting the LSETF website – www.lsetf.ng, start-up micro enterprise can apply to get up to 250,000, micro enterprises can apply to get up to N500,000, while Small and Medium Scale enterprises can apply to get up to N5 million”.
Oyebode said in keeping in line with our mandate, the LSETF has been charged with the responsibility of finding simpler and sustainable ways for all registered residents of Lagos State to gain access to our loan programmes based on our varying categories. “With the new portal, we will do away with paper based applications, as applicants will start and end the loan process online. For those applicants who are unable to go online, we have set up liaison offices in 20 LGAs, residents can visit their respective Local Government and apply for their loans there”, he said
The Fund is poised to provide support to at least 100,000 MSMEs; create at least 300,000 direct & up to 600,000 indirect jobs by 2019. The LSETF is also mandated to provide training and job placements for the unemployed; mentorship for SME owners and improvement of the policy environment to ensure a conducive operational environment for small businesses in the state.
About Lagos State Employment Trust Fund (LSETF)
The Lagos State Employment Trust Fund (LSETF) is a Lagos State Government Initiative created as part of its commitment to boost the Lagos economy through job creation, leverage and access to finance for Micro, Small, Medium Enterprise (MSMEs) operating in the State. LSETFs’ mandate also 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-business can get a loan of up to N500,000 at 5% interest rate per annum, while small-businesses can get a loan of up to N5,000,000 at 5% interest rate per annum.
About Mr. Akintunde Oyebode, Executive Secretary of LSETF
Akintunde Oyebode is a trained Economist. He worked as a Research Assistant at the Lagos Business School, and spent over a decade in various banking roles with First City Monument Bank (FCMB) and Stanbic IBTC Bank. Prior to being appointed as Executive Secretary of the Lagos State Employment Trust Fund (LSETF), he was the Head of SME Banking at Stanbic IBTC Bank.
Credit: Press Release