“Apply With the Link”: Lagos State Begins Loan Program for Business Owners

• The Lagos government has released an application portal for businesses to apply for its micro business loans
• Eligible businesses stand a chance to get over N5 million support needed to stay in business amid challenging times
• The loan is open to all types of business owners who are ready to scale operations, expand to new markets

Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.

Lagos State Employment Trust Fund(LSETF) has opened an application portal for its Micro, Small, and Medium Enterprises loan programme.

Business owners can receive a loan of up to N5 million to scale their operations.

LSETF sets criteria for loan eligibility

According to a statement released on Monday, February 19, 2024, LSETF said the loan portal allows entrepreneurs to apply for a loan to fuel their business growth.

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The statement reads:

"Attention, Lagos entrepreneurs! The moment you've been waiting for has arrived – our MSME loan programme is officially open!

Are you ready to take your business to new heights in 2024? Whatever your goals are— scaling your operations, expanding to new markets or launching a new product, we are here to support you every step of the way with the funding you need"

Criteria to qualify

Legit.ng understands that the loan is in three categories, which are the Micro Enterprise Startup (MES) Loan, Micro Enterprise (ME) Loan and Small & Medium Enterprise (SME) Loan.

For MES, the criteria that enable applicants to get between N50,000 and N250,000 the requirements to apply are:

• LASRRA ID
• Tax ID (LIRS)
• Valid government-issued identity card
• Bank Verification Number (BVN)
• 1 passport photograph
• Vocational training certificate from a Lagos State-recognised certifying body

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ME applicants are expected to get loans between N50,000 and N500,000; the requirement for this category is:

• LASRRA ID
• LIRS tax receipt
• Valid government-issued identity card
• Bank Verification Number (BVN) - Dial 5650#.
• One passport photograph
• 6-month bank statement(s)

The last category, SME business loan applicants, can access N500,000 to N5 million loan after providing the following documents.

• LASRRA ID
• LIRS tax receipt
• Valid government-issued identity card
• Valid CAC documents
• Bank Verification Number (BVN) - Dial 5650#.
• 1 passport photograph
• 6-month corporate bank statement(s)
• Business must be registered with CAC and operational for at least a year

LSETF said those interested can use the application link.

FG to disburse N150bn to traders

Earlier, Legit.ng reported that The Nigerian government is set to start disbursement N50,000 to small businesses in all the 774 local government areas in the country as part of efforts to ease the impact of subsidy removal.

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The minister of industry, trade and investment, Doris Uzok-Anite, disclosed this.

She stated that the scheme consists of the Presidential Conditional Grant for Programme and the Presidential Palliative Loan Programme targeted at Manufacturers, SMEs, MSMEs, and businesses. Vanguard reports that the minister said the eligible businesses should be willing to provide proof of residential or business address in their local governments and other relevant documents.

Source: Legit.ng