LSETF AND YOUR MICRO-ENTERPRISE - WHAT YOU STAND TO GAIN The Lagos State Employment Trust Fund (LSETF) was established by The Lagos State Employment Trust Fund Law 2016 to provide financial support to residents of Lagos State, for job, wealth creation and to tackle unemployment. As at August 2018, the Fund has helped indirectly create 25,348 jobs created by beneficiaries of its loan and employability programs, supported a total of 10,473 individuals under its diverse entrepreneurship programs, has trained a total of 3187 people, and of the total number of beneficiaries, 7,826 beneficiaries were supported under its loan program. Its loan programme aims to create affordable access to funding for small businesses to grow, expand, create wealth and put people to work. The loan scheme, which attracts only 5% interest rate per annum, is available to business owners who are registered residents of Lagos State. For micro enterprise owners, there are two loan options: as a Micro-Enterprise (ME where you can get up to 500,000 naira) and as a Micro-Enterprise Start-up (MES where you can get up to 250,000 naira). In detail: 1. Micro-Enterprise For this you will need to have the following: Personal tax registration details Be resident in Lagos. Have a LASRRA (Lagos State Residents Registration Agency) ID Have a Federal Government issued ID card Have a person to guarantee your loan In addition, beneficiaries of the micro enterprise loan schemes must meet the following security conditions: 2. Micro-Enterprise Startup For this you will need to have the following: Relevant training certificates Be resident in Lagos Have a LASRRA ID Have a Federal Government issued ID card Have a person to guarantee your loan Now, the guidelines for the selection are: 1. Target Fund Beneficiary: The applicant’s business must be the main source of livelihood 2. Market: The applicant must also demonstrate existence of a verifiable and economically stable market for goods and services 3. Turnover: The business must have a minimum turnover of N20,000.00 monthly. In cases where applicant is unbanked, turnover can be estimated using price of applicant’s service and walk in or buying rate 4. Operations: The business should have been operational for at least one year otherwise the applicant should have a certification in a trade and reference from the certifying body. 5. KYC: The person must have a verifiable place of residence & the promoters must be duly registered with LASRRA or possess a permanent voter’s card. 6. Credit Checks: The applicant must have a clean credit record and account behaviour (where applicable). 7. BVN: The applicant must have a valid Bank Verification Number (BVN) All these are all for the sake of security, fairness and so the loans get into the hands of those who need them legitimately. To apply: Obtain a form at any of our Liaison Office OR visit www.lsetf.ng/loan-programs to fill the form. Complete the form Don’t waste any more time, we have just opened our loan applications for ME and MES applicants this month - take advantage of them to boost the growth of your micro enterprise or small business today! Disclaimer: Meeting all these requirements does not GUARANTEE the loan. This content was produced for the LSETF by DIYlaw
