The Lagos State Employment Trust Fund (LSETF) has launched a N5 billion economic recovery relief fund for small and medium scale businesses in the state, to cushion the effect of the Covid-19 pandemic.
The support fund is tagged “Lagos Economic Acceleration Programme (LEAP).”
At the unveiling, the Executive Secretary/CEO, Lagos State Employment Trust Fund, Mrs. Tejumade Abisoye, described the LSETF-LEAP as a sector-specific intervention programme aimed at supporting MSMEs businesses and driving growth across targeted sectors that have been severely affected by the pandemic.
She explained further, that the programme will provide access to affordable finance at a single-digit interest rate, enhance capacity building, foster market linkages and leverage business expansion opportunities for its beneficiaries.
According to her, some of the identified high-impact sectors with substantial employment creation opportunities include Education, Technology, Transport and Logistics, Healthcare, Renewable Energy and Agriculture.
She noted, however, that the Hospitality, Tourism, Creative and Entertainment Sectors have suffered a downturn that requires intervention that seeks to protect employment. She, therefore implored all interested Micro, Small, and Medium Enterprises applicants to visit the LSETF website to apply.
Recall that, in September, the Lagos State government launched a N5billion support fund for low-cost private schools in the state to help reduce the impact of Coronavirus pandemic.
Governor Sanwo-Olu had explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.
With many small and medium scale businesses facing the strains of the covid-19 induced lockdown, this initiative will help businesses acquire loans at a lower-interest rate.
