The Lagos MSME Recovery Fund 2.0 is a grant program run by the Lagos State Employment Trust Fund (LSETF) to assist Lagos MSMEs in recovering from the COVID-19 pandemic’s consequences.
The Lagos State Employment Trust Fund (LSETF) was formed in 2016 by the Lagos State Employment Trust Fund Law to encourage job creation, wealth generation, and unemployment reduction in Lagos State.
What is the Lagos State MSME Recovery Fund 2.0?
The LSETF will raise funds from a variety of sources, including donors, development agencies, corporations, and individuals, in addition to the N23 billion contribution from the Lagos State Government over four years.
The LSETF would encourage entrepreneurship by providing financial assistance, strengthening MSMEs’ institutional capacity, and developing policies to improve the business climate in Lagos.
The Lagos MSME Recovery Fund will also assist in the creation of training and job programs for unemployed Lagos people, as well as programs that promote innovation in the Lagos ecosystem.
Who can Apply for the Lagos MSME Recovery Fund 2.0?
To be eligible for a Lagos recovery loan, your company must have at least one of the issues listed below.
- You must be the owner of a small business in Lagos State that has battled to stay afloat since the emergence of Covid-19.
- Have you ever struggled to restock your business owing to a shortage of funds?
- Do you have trouble repaying your business loans?
- If you are unable to pay your rent or employee salaries, are you considering closing your business?
How to Apply for the Lagos State MSME Recovery Fund 2.0
By clicking on this link and following the procedures, you can apply for this grant. Please try again if you did not receive an email after submitting your application.
Benefits of the Lagos MSME Recovery Fund 2.0
You will have the option of obtaining a loan for your company. If you qualify, the Lagos MSME Recovery Fund 2.0 is for you. The recovery fund will assist small business owners in overcoming the problems caused by the severe economic environment that has emerged in the aftermath of the Covid-19 pandemic.
Below are the key benefits of the recovery Fund at a glance.
- It implicitly funds debt financing for small and medium enterprises (SMEs).
- Businesses that benefit from the program can focus on the more profitable ventures that abound in Lagos’s metropolis instead of relocating.
- Also, it takes care of the load of debt pile and repayment.
- SMEs and MSMEs can use the pedestal to join other mainstream projects in Lagos.
Apart from these benefits, the LSMRF will continue to play a crucial role in the vitality of MSMEs and SMEs in the State. Meanwhile, the program already records a 90% disbursement rate, paying 2,587 businesses.
It records a total of 3,651 applicants, as verified by BDSPs, approving 2,876. Moreover, it has disbursed over N600,000,000 to the approved applicants. That is an impressive stat, especially since it favors beneficiaries more.