The Lagos State Employment Trust Fund (LSETF) has put the total disbursement of its fund currently at about N1.7 billion, to 1,400 beneficiaries.
The Executive Secretary, LSETF, Mr. Akin Oyebode, who disclosed this, said the target of the organisation was to disburse at least N25 billion to 100,000 businesses by 2019.
This, according to him, is expected to translate to one million jobs within the same period.
We have also launched our online application portal, which 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 LSETFs loan programmes.
With the new portal, we will do away with paper based applications, as applicants will start and end the loan process online, he explained in a statement.
Oyebode explained that the trust fund is an initiative of the Lagos state government, which was set-up to help bridge the unemployment deficit in the state by providing leverage and access to finance for small business to grow, expand and contribute to the growth of the local economy.
The LSETF is executing its mandate through the following strategies: providing financial support to businesses; micro-enterprise owners can get a loan of up to N500,000 at 5% interest rate which is the lowest one can get in the country.
He also said SME operators can get loan of up to N5 million at 5% interest rate.
Under our micro-enterprise start-up scheme, youth who have received certified vocational training can get a loan of up to N250,000 to start their own business. This is also at just five per cent interest rate.
Under our employability programme, we train youths between the ages of 18-35 and also help them get job placement within various organisations we partner with.
The LSETF will work with the office of the Lagos State Governor as well as the various MDAs to influence a conducive policy environment for small businesses to thrive in the state
For those applicants who are unable to go online, we have set up liaison offices in the 20 LGAs, residents can visit their respective Local Government and apply for their loans there, Oyebode added.