November 25, 2020

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Lagos unveils N5b recovery fund for entrepreneurs

1 min read

Agency Reporter 

The Lagos State Employment Trust Fund (LSETF) has unveiled a N5 billion Lagos Economic Acceleration Programme (LEAP), a post-COVID-19 recovery programme for micro, small and medium enterprises.

The launching, tagged: “From Pandemic to Prosperity”, was held in Ikeja, Lagos.

LSETF Executive Secretary Mrs. Tejumola Abisoye said the intervention would provide access to affordable finance at single-digit interest to MSMEs, thereby saving existing businesses, jobs and also creating new job opportunities.

According to her, interested applicants in other sectors apart from agriculture and agribusiness sector should register with the Ministry of Tourism to apply for the loan.

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“It is a sector specific intervention programme targeted at sectors that have been severely affected by the pandemic and have a high impact on job creation,” she said.

The loan support will be allocated to the education, tourism, hospitality, entertainment and culture, agriculture & agribusiness sectors, Existing Beneficiaries Loan Renewals and Renewable Energy and Liquefied Petroleum Gas (LPG).

“We are optimistic that these recovery programmes will not only produce an accelerated outcome but also play significant roles in creating jobs and thus, actualising our government’s quest towards rebuilding Lagos.

“As you would recall, we had earlier unveiled a N5 billion LSETF- First Edu-Loan, a post-COVID-19 recovery support of the educational sector on September 25 with partnership with First Bank of Nigeria Limited to support low cost private owned schools and vocational training and vocational training centres in Lagos State,” Mrs. Abisoye said.