16/07/2024
Over the past six years, the Lagos State Government has disbursed approximately N25 billion in grants and single-digit loans to SMEs through the Lagos State Employment Trust Fund (LSETF). Announced by Governor Babajide Olusola Sanwo-Olu at the 2024 Business Day Newspaper CEO Forum, this initiative aims to boost productivity and economic growth.
Governor Sanwo-Olu, represented by Deputy Governor Dr. Kadri Obafemi Hamzat, highlighted the impact of these funds in empowering entrepreneurs and stimulating the economy. He noted that the state government has also assisted entrepreneurs in sourcing products, accessing markets, and ensuring compliance with regulatory frameworks.
LSETF's loan program offers affordable funding for small businesses, with interest rates as low as 9% per annum. Established by the Lagos State Employment Trust Fund Law of 2016, LSETF provides financial support to tackle unemployment and promote job creation. Various loan categories cater to different needs, including micro-enterprise loans and startup loans, ensuring broad support for the business community.
For more details, visit the Lagos State Government's website.