LSETF disburses N4.1bn to 4,762 MSMEs

The Lagos State Employment Trust fund (LSETF) has successfully disbursed N4.1 billion loans to 4,762 beneficiaries.

While small and medium enterprises (SMEs) received N2.91 billion, micro enterprises (MEs) got N1.99 billion. Similarly, N61 million has been disbursed to trained applicants to start up their own micro enterprises in Lagos State, the institution said.

It has so far approved N4.9 billion for disbursement to 6,548 small business owners, Start-Up Digest learnt.

Also, as part of its commitment to promote the businesses of the beneficiaries of its loan scheme while supporting MSMEs operating in Lagos state, the LSETF secured a pavilion at the 2017 Lagos International Trade Fair for more than 20 of the beneficiaries to exhibit their products.

This initiative is geared towards boosting the visibility of participating beneficiaries, while providing a platform for these small businesses to market and sell their products to prospective customers.

The LSETF is continually championing the battle to end the scourge of unemployment in Lagos state through its various initiatives such as its single-digit interest bearing (five percent) loan schemes targeting micro, small & medium enterprises (MSMEs) to fund their growth and consequently create job opportunities for the people of Lagos State.

The LSETF also provides low interest bearing loans to youth who have completed vocational trainings to help them start their own small businesses under its Micro Business Start-Up Programme. This is in addition to its Employability Programme, designed to train unemployed youths to gain competent skills in critical sectors such as manufacturing, construction, entertainment etc. and subsequent get job placements for the trainees.

Speaking at the exhibition centre, Owoeye Alexandrina, one of the beneficiaries spoke on the significance of the exhibition to her business, stating that the government has not just given out loans to them but has granted them the opportunity to exhibit their products and promote their businesses free.

“It has been tremendous, we were not just given loan, but the government sponsors programs for us and ensures that the money is well invested to produce output,” Alexandrina explained.

Adeh Angela one of the beneficiaries present at the trade fair said, “Being here today has opened my eyes to bigger chances. It has also helped me to meet with other exhibitors from Dubai, whom I have gained a lot from, giving me more knowledge and enlightening me on my other future plan. I have been able to learn a lot from LSETF, after attending their programs.”

Ejiro Jakpa another beneficiary said the far helped him to gain exposure and created awareness for his products.

ODINAKA ANUDU & ANGEL JAMES