About this opportunity
Affordable capital is one of the hardest things for a small business in Lagos to find, so the Lagos State Employment Trust Fund runs this facility to price loans at a rate a growing business can actually carry. The main bands attract 9 per cent interest per annum, and the two local government schemes attract 5 per cent per annum.
The facility is split into bands so a business borrows at its own size. A micro enterprise can access between N50,000 and N500,000, repayable over 12 months with no moratorium. A micro enterprise start up can access between N50,000 and N250,000 over 12 months. A registered small or medium enterprise can access between N500,000 and N5 million over 24 to 36 months. Every band asks the borrower to contribute 5 per cent of the loan size as equity.
Two further schemes run at local government level at 5 per cent per annum. The Ojo LGA and Onigbongbo LCDA micro enterprise schemes cover N50,000 to N200,000 over 12 months, and their start up versions cover N50,000 to N100,000 over the same tenor.
To qualify you must own a business operating and resident in Lagos State, and the fund asks for Lagos State residence documents with your tax, identity and bank records. The published requirement lists do not include collateral, which is what makes this a documentation based rather than asset based facility. Established businesses must have been in existence for at least one year, and the small and medium band also requires Corporate Affairs Commission registration. The fund publishes no closing date, so applications stay open through the LSETF online portal.
What you receive
- Loan of N50,000 to N500,000 for a micro enterprise, repayable over 12 months with no moratorium
- Loan of N50,000 to N250,000 for a micro enterprise start up, repayable over 12 months
- Loan of N500,000 to N5,000,000 for a small or medium enterprise, repayable over 24 to 36 months
- Interest charged at 9 per cent per annum on the main MSME bands
- Interest charged at 5 per cent per annum under the Ojo LGA and Onigbongbo LCDA schemes
- Only a 5 per cent equity contribution of the loan size is asked of the borrower, and the published requirements list no collateral
Who can apply
- You must own a business operating and resident in Lagos State
- You must be a registered resident of Lagos State, evidenced by your LASSRA identification
- The micro enterprise and small and medium enterprise bands require the business to have been in existence for at least one year
- The small and medium enterprise band requires Corporate Affairs Commission registration and at least one year of operations
- The start up bands require a vocational training certificate from a Lagos State recognised certifying body
- The Ojo LGA and Onigbongbo LCDA schemes are open to business owners operating and resident in Lagos State
Who should not apply
- A business operating outside Lagos State is not covered by this facility
- A business younger than one year cannot use the micro enterprise or small and medium enterprise bands, and should apply under a start up band instead
Documents to prepare
- LASSRA identification for your Lagos State residence
- Tax identification number issued by the Lagos State Internal Revenue Service
- A valid government issued identity card
- Bank Verification Number
- Two passport photographs for the micro enterprise and small and medium enterprise bands
- One passport photograph for the start up bands
- Six months of bank statements for the micro enterprise and local government bands
- Six months of corporate bank statements for the small and medium enterprise band
- Valid Corporate Affairs Commission documents for the small and medium enterprise band
- Vocational training certificate from a Lagos State recognised certifying body for the start up bands
How to apply
- Check which band fits your business by size, how long it has been operating and where it operates
- Gather the documents listed for that band before you start, because the application depends on them
- Open the LSETF loan portal at https://loans.lsetf.ng/ and create an account with your email address or phone number
- Sign in and complete the loan application with your business and personal details
- Upload clear copies of every document the portal asks for
- Submit the application and keep your login details so you can return to the portal
- For questions, call +234 817 777 0874 or write to info@lsetf.ng
Sources and verification
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Questions applicants ask
How much can I borrow?
A micro enterprise can borrow between N50,000 and N500,000. A micro enterprise start up can borrow between N50,000 and N250,000. A small or medium enterprise can borrow between N500,000 and N5 million.
What interest do I pay?
The main MSME bands attract 9 per cent per annum. The Ojo LGA and Onigbongbo LCDA schemes attract 5 per cent per annum.
How long do I have to repay?
Micro enterprise and start up loans run for 12 months, with no moratorium on the micro enterprise band. Small and medium enterprise loans run for 24 to 36 months.
Do I need to provide collateral?
The published requirements list identity, residence, tax, bank and business documents, and a 5 per cent equity contribution of the loan size. No collateral appears on any of the requirement lists on the official programme page.
Is there a closing date?
The Lagos State Employment Trust Fund presents this as an ongoing programme and publishes no deadline on the official page, so you can apply at any time through the loan portal.
Who can apply?
Business owners who operate and reside in Lagos State. The fund was established by the Lagos State Employment Trust Fund Law 2016 to support residents of the state with job and wealth creation.
Important disclaimer
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