Lagos State Employment Trust Fund
As a Lagos state citizen, you are entitled to benefit from some of the lovely programs initiated by that state government including The Lagos State Employment Trust Fund (LSETF).
If you have been following for a while, you would have read our write-up on many job recruitments exercises in the state and how you can successfully apply for any of your choice. Our attention remains on the ‘center of excellence’ and we shall be discussing the Lagos State Employment Trust Fund.
This post will unveil every detail about the program including the history, importance, how to apply, and some of the reasons why few people believe it doesn’t worth the hype. We’ve had enough for the introduction, let’s get started without taking more time.
What’s Lagos State Employment Trust Fund
The Lagos State Employment Trust Fund, also known as LSETF, is one of the state government’s plans to increase the standard of living of its people by ensuring easy access to loans and financial help.
In other words, LSETF is a scheme introduced by the Lagos state government during Ambode’s leadership in 2016 aimed at empowering small and medium scale business owners through loans.
With this program, Lagos State’s residents, artisans, farmers, and other micro-business owners can borrow as much as N5,000,000 from the government to boost their businesses.
Interestingly, you are required to pay just a 5% interest rate every year. For instance, you are to pay just N1500 if you borrow N30,000.
Why You Should Apply For The Lagos State Employment Trust Fund
Apart from the fact that the program serves as a source of financial help to all small-medium enterprises (SMEs), below are the two key reasons why you should apply for this year’s edition of the Lagos State Employment Trust Fund program.
- Low-interest Rate: This is not like other financial aid programs where you lose sleep as a result of high-interest rates. As stated earlier, this loan incurs just a 5% interest rate per year, which is quite easy to cover in no time.
- High amount to be borrowed: The available amount to be given out ranges from N50K to N5 million, depending on your choice and eligibility status.
The Lagos State Employment Trust Fund Shortcomings
1. Hectic Application Processes: Applying for the loan involves many documents and too many procedures.
2. It is opened to Lagosians Only: The program is only created for Lagosians alone. This means you must reside in Lagos to stand any chance of being selected as a beneficiary.
Lagos State Employment Trust Fund Requirements
Below are some of the documents and criteria you must possess to guarantee your eligibility status:
- Tax Identification Number
- Your business should be registered with the Corporate Affairs Commission (CAC).
- You must have a government-issued means of Identification — either through ID card, driving license, etc.
- A signed, well-written Guarantor’s forms.
- You must possess four or more passport photographs.
- You must have a LASRRA number which signifies you have registered with the Lagos State Residents Registration Agency.
- It is mandatory you have your training certificate.
How To Apply Lagos State Employment Trust Fund
Below is a complete guide on how to successfully apply for the Lagos State Employment Trust Fund 2021:
- Visit the registration portal via this link
- Fill the form by providing all asterisked columns with accurate data
- Move down the same page to see the columns in which you are expected to provide your full business name and your registered CAC number.
- Type-in your email address and your residential address in their respective columns.
- Select your local government area from the 20 available LGAs.
- Provide your phone number and select the type of your business from the available list.
- Upload a picture of your business and other required credentials.
- Provide the number of your employees if you have one.
- Click on the submit link and wait for a response.
You should get a call or feedback from the organizers regarding the status of your application. You will be told what next to do to receive the loan you apply for.