With a target to utilise the N25billion Employment Trust Fund to provide financial support to over 100,000 Micro, Small and Medium Enterprises (MSMEs) within the next three years, LSETF has moved to tap into the most populated local government area in the State.With about N4.9 billion Naira already disbursed of her N25 billion to 6548 beneficiaries and the press for time to meet on target; LSETF is putting finishing touches on newly allocated office space within the secretariat of Igando-Ikotun LCDA, Ikotun.
According to our correspondent the new office space is to complement the existing annex at the Alimosho LCDA Secretariat owing to the large population of Alimosho and the desires of Governor Akinwunmi Ambode to achieve the set target before 2019. The office is to further assist in educating and providing prospects with first hand information as regards obtaining loans.Our investigation revealed that the new annex is expected to commence operations before the end March 2018.
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 includes 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. Likewise, youth who have received certified vocational training can get a loan of up to N250,000 to start their own business at 5% interest rate