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LSETF launches online application portal for MSMEs

By Yinka Kolawole

THE Lagos State Employment Trust Fund (LSETF) has launched an online application portal in line with its mission to create an enabling environment for small businesses to thrive in the state.

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 Fund’s loan programmes.

Akin Oyebode, Executive Secretary, LSETF, said the launching of the portal is in line with LSETF’s mandate of finding simpler and sustainable ways for all registered residents of Lagos State to gain access to the Fund’s loan programmes based on its 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. Our application portal is a software solution to be utilised 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 N250,000, micro enterprises can apply to get up to N500,000, while Small and Medium Scale enterprises can apply to get up to N5 million,” he said.

Oyebode noted that the Fund is poised to provide support to at least 100,000 MSMEs; create at least 300,000 direct and 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.

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. The Fund’s 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 percent interest rate per annum, while small-businesses can get a loan of up to N5,000,000 at 5 percent interest rate per annum.

 


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