5 LSETF Loan Requirements that is Compulsory for Lagos Business Owners

Are you from Lagos and need a loan from LSETF? This article will tell you what you need to know to apply. Understanding the compulsory requirements is essential to ensure a smooth application process.

In this blog post, we’ll delve into the specific loan requirements set by the Lagos State Employment Trust Fund (LSETF) for residents of Lagos State.

Whether you’re an aspiring entrepreneur, a small business owner, or simply seeking financial assistance, this information will equip you with the knowledge you need to acquire funding from this initiative.

Key Takeaways

• The LSETF has played a significant role in boosting the economy of Lagos State and improving the lives of its residents since it was established.
• This loan program, with a low yearly interest rate of 9%, is offered to business owners who live and have registered businesses in Lagos State.

Understanding the LSETF Loan Program

The Lagos State Employment Trust Fund (LSETF) is a government-backed initiative in Nigeria aimed at addressing unemployment and underemployment in Lagos State. It was established in 2016 with the primary goal of creating jobs and improving the livelihoods of residents.

This loan program, with a low yearly interest rate of 9%, is offered to business owners who live and have registered businesses in Lagos State.

Key objectives of the LSETF

• Job creation: The funding is to help provide financial support to businesses and individuals to create new jobs and expand existing ones.
• Skill development: The initiative also invests in vocational training and skills acquisition programs to enhance the employability of the workforce.
• Entrepreneurship promotion: It also supports entrepreneurs and startups through grants, loans, and mentorship programs.
• Youth empowerment: The initiative targets young people with specific initiatives to help them develop their skills and find employment opportunities.

The LSETF has played a significant role in boosting the economy of Lagos State and improving the lives of its residents since it was established. It has provided funding for various projects, including small and medium-sized enterprises (SMEs), agricultural ventures, and technology startups.

Different Categories of LSETF Loans Available

There are several funding schemes in the LSETF initiative, some for specific business types and others for particular communities within the state.

Here are the loan categories in this initiative:

• LSETF Micro Enterprise Loan (N50,000 – N500,000) per person.
• LSETF Micro Enterprise Start Up Loan (N50,000 – N250,000) per person.
• LSETF Small and Medium Size Enterprise Loan (N500,000 – N5,000,000) per business.

5 Compulsory Requirements for LSETF Loans

Here are 5 compulsory requirements to determine your eligibility for applying for LSETF loans:

• You must least 18 years old
• You must have a valid Bank Verification Number (BVN).
• You must be a Lagos State resident.
• Your personal account and debit card must be within at least 3 months validity range and ensure card is valid until the end of the expected loan tenor.
• You must possess a LASSRA ID card.

Other Loan-specific Requirements

To be able to access the LSETF Micro Enterprise Loan (N50,000 – N500,000) per person, these are the requirements:

• Possess a LASSRA ID
• Tax ID (LIRS)
• Valid government issued identity card
• Bank Verification Number
• 2 passport photographs
• 6 months bank statement
• Business must be in existence for at least one year.

To access LSETF Micro Enterprise Start Up Loan (N50,000 – N250,000) per person, these are the requirements:

• LASSRA ID
• Tax ID (LIRS)
• A valid government-issued identity card
• Bank Verification Number
• 1 passport photograph
• Vocational training certificate from a Lagos state-recognized certifying body.

To access LSETF Small and Medium Size Enterprise Loan (N500,000 – N5,000,000) per business, these are the requirements:

• LASSRA ID
• Tax ID (LIRS)
• Valid government issued identity card
• TIN Number (FIRS Tax Identification Number)
• Valid CAC documents
• Bank Verification Number
• 2 passports
• 12 months corporate bank statement
• Business must be registered with CAC and operational for at least a year.

Conclusion

If you wish to receive a loan from this initiative, do well to visit their website for more information on how you can successfully secure a LSETF loans for your business.

FAQs

References

• MSME loan programme