LSETF: start your own successful business in Lagos State
Are you a business owner in Lagos State? Do you live in this area and have a groundbreaking business idea you wish to implement in the future? Learn about Lagos State Employment Trust Fund initiative. Also, learn how you can apply for LSETF financial help and receive money for your project implementation and development.
Now let’s shortly explain what LSETF is and share tips for filling out Lagos State Employment Trust Fund application form. Only businesses can take advantage of this program.
Lagos State Employment Trust Fund
The awesome and interesting initiative launched in Lagos is intended to encourage its local companies and individuals that require money to develop, mature, and become effective. Shortly, this initiative is known as LSETF (first letters of each word are capitalized into one abbreviation).
The LSETF Law 2016 started the program aimed at Lagos state citizens only. The chief objective of the program is to produce more employment possibilities and solve the unemployment problems across the Nigerian state. New startups, micro-enterprises, small and medium businesses can apply for finances of up to 5 million Naira in order to realize their business plans.
How to access Lagos State Employment Trust Fund
The program only supports the following types of business registered and working in Lagos State:
- Micro-enterprise start-up
- Micro-enterprise business (existing)
- Small or medium enterprise (existing SMEs)
How much money can you expect to receive for your business-idea:
- Up to 250,000 Naira for start-ups
- Up to 500,000 Naira for micro-businesses
- Up to 5,000,000 Naira for SMEs
The LSETF portal is currently not accepting the new applications, but the site says it will re-open soon and this means you have to be prepared and learn how to apply for Lagos State Employment Trust Fund.
How to apply for Lagos State Employment Trust Fund
For your convenience, we have made up this Lagos State Employment Trust Fund application guide. So, be sure to follow the following steps carefully:
- Step 1. Double check that you are eligible for application for funds and visit the official application page http://apply.lsetf.ng/. Remember that it is currently not accepting any new applications, but this option will be back soon, so keep an eye on this site.
- Step 2. Select your program (micro-enterprise, start-up or SME).
- Step 3. Click on the red button that says ‘Get Started.’
- Step 4. Fill in the application form by adding your personal information (name, date of birth, address etc.).
- Step 5. You are required to provide your bank verification number and personal tax ID. You should also answer a number of questions (for example, what you expect to gain from LSETF program).
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- Step 6. Provide your education (work) experience and business information (including, the monthly turnover details, a number of workers).
- Step 7. You also will be asked to state how many jobs you can create and how much you can earn if you become a part of the program and receive funds.
- Step 8. You need to devote time and describe all your business needs. There is a table for this information in the application form.
- Step 9. At last, you should sign the declaration and application form.
- Step 10. When you have filled out the application, you also need to upload some documents along with the application form: photos, government ID, CAC certificate, proof of firm income, filled out Guarantor form etc.
This is how to access Lagos State Employment Trust Fund. Here come a couple of more details you have to consider before applying for this financial support program:
- All funds are provided with 5 percent annual interest rate.
- The maximum term is about 12-36 months depending on the amount of funds.
- The maximum fund amount is 250 thousand - 5 million Naira
- Minimum turnover for micro-enterprises is 20,000 Naira per month.
We hope the Lagos State Employment Trust Fund application guide can help you make all innovative and creative business dreams come true.
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Source: Naija.ng