The Lagos State Employment Trust Fund (LSETF) has launched a financial programme, Lagos COVID-19 Action Recovery and Economic Stimulus (CARES) program and LSETF Loan to support businesses of registered residents of Lagos State.
The programme which was initiated by the Lagos State Governor, Babajide Sanwo-Olu is operational in all Local Government of Lagos State was launched in Badagry Local Government on 29th August ,2024.
According to the Head, Government Relations and Stakeholders Management, Segun Ayodele , the programme is an initiative to encourage entrepreneurship in Lagos State.He added that it assists and facilitates access to finance for people to get loan to improve or take their businesses from one level to another.
Segun Ayodele who is the leader of the LSETF team revealed that the objective of the programme is for job and wealth creation.
” When people get more money, they can inject it into their business.If a business is being managed by one or two people, there would be need for more hands.Therefore, jobs have been created for those that would be employed indirectly”
Segun explained that the Lagos CARES grant initiative was established after the COVID-19 pandemic to revive businesses that ran down.He noted that the grant is in three aspects.
While explaining the first aspect of the grant which is Credit Grant that co-finances up to 40% of new loans given to businesses after the onset of the COVID-19 crisis, he said “Lagos State decided to use the initiative to help businesses to rise again.For example, some businesses could not pay their staff salaries. A business that has 10 workers and could not pay salaries of N10,000 to each of them can lend N600,000 for six months in order not to lose those workers”
” The second aspect is Operational Grant which covers up to 50% of any verifiable documented monthly operational cost for 6 months included but not limited to staff salaries, documented utilities and private security expenses ”
” The third aspect is IT Enhancement Grant.It offers financing to technology driven businesses .We can provide technological instruments like laptops or solar system to support their business ”
During the launch of the Grant and Loan programme, the Vice Chairman of the Badagry Local Government, Mrs Pedetin Kappo, who represented the Badagry Local Government Chairman, Olusegun Onilude assured the business owners that everyone who applies for the loan with the necessary requirements will be a beneficiary.She thanked the Lagos State Governor, Babajide Sanwo-Olu for creating the opportunity for residents of Badagry.
” I welcome the LSETF team to Badagry Local Government.I also thank Governor Babajide Sanwo-Olu for creating this opportunity.The Governor is determined to make the Grant and Loan available to everyone that applies.I urge every business owner to take good advantage of this programme.Endeavour to be faithful in paying back the loan” she said.
