How to Apply For LSETF Loan 2023 – Eligibility & Features

LSETF loan – Established in 2016, the Lagos State Employment Trust Fund (LSETF) primary objective is to offer financial assistance to the residents of Lagos State, aiming to combat unemployment by fostering job opportunities and wealth creation.

With an initial capital of N25 billion, contributed over a span of four years by the Lagos State Government, the Fund will also seek additional funding from diverse sources. These sources include donor partners, development agencies, corporate organizations, and individuals, thereby expanding its financial resources to further its mission.

The LSETF Loan Programme aims to create affordable access to funding for small businesses to grow, expand, create wealth and put people to work. The loan scheme, which attracts only 9% interest rate per annum, is available to business owners who are registered residents of Lagos State.

Available LSETF Loans Eligibility and Application

There are about 8 classes of the LSETF loans. Each of these classes/categories have different application and eligibility requirements. A breakdown of all the available classes are as follows;

LSETF Micro Enterprise Loan (N50,000 – N500,000) per person

FEATURES

Available To All Business Owners Operating And Resident In Lagos State
Maximum Loan Amount =N=500,000
Loan Tenor = 12 Months (No Moratorium)
Equity = 5% Of Loan Size
Interest Rate = 9% Per Annum

REQUIREMENTS

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

LSETF Micro Enterprise Start Up Loan (N50,000 – N250,000) per person

FEATURES

Available To All Micro Enterprise Start-Ups In Lagos State
Maximum Loan Amount =N=250,000
Tenor = 12-15 Months (Including 3 Months Moratorium)
Equity = 5% Of Loan Size
Interest Rate = 9% Per Annum

REQUIREMENTS

LASSRA ID
TAX ID (LIRS)
Valid Government Issued Identity Card
Bank Verification Number
2 Passport Photographs
Vocational Certificate From A Lagos State Recognised Certifying Body

LSETF Small and Medium Size Enterprise Loan (N500,000 – N5,000,000) per business

FEATURES

Available To All Small And Medium Size Business Owners Operating And Resident In Lagos State
Maximum Loan Size =N=5m
Tenor = 24 – 36 Months
Equity = 5% Of Loan Size
Interest Rate = 9% Per Annum

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

LSETF/FIRST-EDU LOAN (500,000-5,000,000) per school

FEATURES

Available To Schools Operating In Lagos State
Maximum Loan Size =N=5m
Tenor = 12 – 24 Months
Equity = 5% Of Loan Size
Interest Rate = 9% Per Annum

REQUIREMENTS

LASSRA ID
TAX ID (LIRS)
Valid Government Issued Identity Card
Tin Number (Firs Tax Identification Number)
Valid Cac Documents
Minimum Of 100 Students Enrolled
Bank Verification Number
2 Passport Photographs
12 Months Corporate Bank Statement
School Or Training Institute Must Be Registered With The Cac And Operational For At Least 1year.

LSETF/EDFIN EDU LOAN (500,000-5,000,000) per school

FEATURES

Available To Schools Operating In Lagos State
Maximum Loan Size =N=5m
Tenor = 12 – 30 Months
Equity = 5% Of Loan Size And 10% Of Asset Finance.
Interest Rate = 9% Per Annum

REQUIREMENTS

LASSRA ID
TAX ID (LIRS)
Valid Government Issued Identity Card
Tin Number (Firs Tax Identification Number)
Valid Cac Documents
Minimum Of 50 Students Enrolled
Bank Verification Number
2 Passport Photographs

LEAP Tourism Loans

FEATURES

Available To All Businesses In The Tourism And Hospitality Sector Operating In Lagos State And Registered Under The Ministry Of Tourism
Maximum Loan Size =N=5m
Tenor = 12 – 24 Months
Equity = 5% Of Loan Size
Interest Rate = 5% Per Annum

REQUIREMENTS

LASRRA ID
TAX ID (LIRS)
Valid Government-Issued Identity Card
Tin Number (Firs Tax Identification Number)
Valid Cac Documents
Business Must Be Registered Under The Ministry Of Tourism
Bank Verification Number
2 Passport Photographs
12 Months Corporate Bank Statement

LSETF/Access Bank Micro Enterprise Start Up Loan (50,000 – 250,000)

FEATURES

Available To Female Micro Enterprise Start-Ups In Lagos State
Maximum Loan Amount =N=250,000
Tenor = 12 Months (Including 3 Months Moratorium)
Equity = 5% Of Loan Size
Interest Rate = 10% Per Annum

REQUIREMENTS

LASSRA ID
TAX ID (LIRS)
Valid Government Issued Identity Card
Bank Verification Number
2 Passport Photographs
Vocational Certificate From A Lagos State Recognised Certifying Body

LSETF/Access Bank Micro Enterprise Loan (50,000-500,000)

FEATURES

Available To All Female Business Owners Operating And Resident In Lagos State
Maximum Loan Amount = (=N=500,000)
Loan Tenor = 12 Months (No Moratorium)
Equity = 5% Of Loan Size
Interest Rate = 10% Per Annum

REQUIREMENTS

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

LSETF/Access Bank Small And Medium Enterprise Loan (500,000-5,000,000)

FEATURES

Available To All Female Business Owners Operating And Resident In Lagos State
Maximum Loan Size =N=5m
Tenor = Up To 24 Months
Equity = 5% Of Loan Size
Interest Rate = 10% Per Annum

REQUIREMENTS

LASSRA ID
TAX ID (LIRS)
Valid Government-Issued Identity Card
Tin Number (Firs Tax Identification Number)
Valid Cac Documents
Bank Verification Number
2 Passport Photographs
12 Months Corporate Bank Statement
Business Must Be Registered With Cac And Operational For At Least A Year

LSETF Artisan’s Loan

FEATURES

Available To All Artisan’s In Lagos State
Maximum Loan Amount =N=500,000
Tenor = 12-15 Months (Including 3 Months Moratorium)
Equity = 5% Of Loan Size
Interest Rate = 9% Per Annum

REQUIREMENTS

LASSRA ID
TAX ID (LIRS)
Valid Government Issued Identity Card
Bank Verification Number
2 Passport Photographs
Vocational Certificate From A Lagos State Recognised Certifying Body