Apply for Lagos State Employment Trust Fund Pilot Scheme - Get up to N5million Loan

Lagos State Employment Trust Fund is opening the #LSETFPilotScheme to the public. Get up to N5million for your business. This opportunity is open to SMEs and Micro-Enterprises.Apply for Lagos State Employment Trust Fund Pilot Scheme - Get up to N5million Loan

A)  Guidelines for Accessing The Micro-Enterprise Fund

Maximum Loan – N500,000.00
Interest Rate - 5% per annum
Term - 12months

The guidelines for the selection are;
1.Target Fund Beneficiary: The applicant’s business must be the main source of livelihood
2.Market: The applicant must also demonstrate existence of a verifiable and economically stable market for goods and services
3.Turnover: The business must have a minimum turnover of N20, 000.00 monthly. In cases where applicant is unbanked, turnover can be estimated using price of applicant’s service and walk in or buying rate
4.Operations: The business should have been operational for at least one year otherwise the applicant should have a certification in a trade and reference from the certifying body
5.KYC: The person must have a verifiable place of residence & the promoters must be duly registered with LASRRA or possess a permanent voter’s card
6.Credit Checks: The applicant must have a clean credit record and account behaviour (where applicable)
7.BVN: The applicant must have a valid Bank Verification Number (BVN)

In addition, the beneficiaries must meet the following security conditions.
1.Personal guarantee of the principal promoter
2.Personal Life Protection Policy noting the Fund as first loss payee
3.One (1) guarantor who must either have a PVC or LASRRA registration (this guarantor can also be your organization)
4.Comprehensive insurance cover (Theft, fire, burglary etc.)
5.Right of set off on the applicant’s other accounts in any financial institution

B)  Guidelines for Accessing the SME Fund
Maximum Loan Amount: N5,000,000.00 (Five Million Naira) in the case of an SME.
Purpose: Asset acquisition and or working capital for the business.
Interest Rate: 5% per annum
Term: Up to 36months
This funding gap will be provided by the LSETF through Fulfillment Partners as a Government Intervention Facility to the recommended SME if the conditions are fulfilled.

The Business must be:
1. Located in Lagos
2. Registered with the CAC
3. Must be registered with the LIRS
4. Must be in existence for more than 12months

The Promoter must show -
5. LASRRA Registration
6. A good understanding of the business;
a. The Market
b. The Customers
c. The Operations
7. Scalability of business
8. Equity Contribution: Minimum of 5% of loan amount
9. Monthly Turnover
10.Tax Remittance
11.Personal Guarantee

The LSETF will, subject to the recommended businesses providing additional information (as required to secure the facility to be received by the business), will recommend the business for the Government Intervention Funds to be disbursed by Fulfillment Partners.

Please note the minimum security conditions to be provided by the Businesses include;

a. Personal guarantee of the principal promoters
b. Personal Life Protection Policy noting the Fund as first loss payee.
c. Two (2) Guarantors
d. All asset debenture (where applicable: fixed and floating)
e. Comprehensive insurance cover (Theft, fire, burglary etc.)
f. Right of set off on the applicant’s other accounts in any financial institution.

To download the application forms and guarantors form, visit 

Submit completed applications at:

LSETF Office
Synergy Building
16 Billings way

Entry closes as soon as we get 1,000 applications. Terms and conditions apply.

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