Lagos State Governor, Babajide Sanwo-Olu, on Wednesday Septeber 4, 2019, launched the LSETF W-INITIATIVE.
The initiative, a special intervention fund created by the Lagos State Employment Trust Fund (LSETF) and Access Bank Plc, aims to provide affordable finance for female-owned businesses in Lagos State.
The Lagos State Government envisions the scheme to drive financial inclusion among women, create financial access for Small and Medium Enterprises (SME) and create employment and wealth for its growing youth population.
Access Bank Plc pursues this initiative in expression of its commitment to support women as they grapple with the challenge of implementing their business ideas. Which is why the bank has indicated its readiness to increase the size of the fund from its initial N4 billion to N10 billion.
Since 2018, according to its Group Managing Director, Herbert Wigwe, Access Bank has empowered women with 8,000 personal loans valued at N10.6 billion and 330 business loans valued at N16.6 billion.
The LSETF Board of Trustees Chairman, Ifueko Omoigui-Okauru, says the W INITIATIVE aligns with the Fund’s strategic goal to actualise the desire of Lagos State Government that not fewer than 50 per cent of LSETF beneficiaries should be women. Omoigui-Okauru adds that women represent 5,263 (or 50 per cent) of the Fund’s loan beneficiaries, and account for 43.54 per cent of the Fund’s current loan portfolio of N3.07 billion.
Furthermore, LSETF has reportedly supported 16 women-owned start-ups with workspace as part of its Lagos Innovates Programme which seeks to make Lagos State the tech-hub of Africa.
The W-INITIATIVE targets 5,000 to 10,000 beneficiaries.
How do aspiring and practising female entrepreneurs access this N4 billion to N10 billion Fund?
The loan scheme disburses up to N5,000,000 per beneficiary and attracts an interest rate of five (5) percent per annum.
An applicant must satisfy or possess the following requirements:
* Residency in Lagos.
* Lagos State Residents Registration Agency (LASRRA) Identification Number.
* Federal Government-issued Identity Card.
* Company registered with Corporate Affairs Commission (CAC).
* Personal Registration as a taxpayer in Lagos State.
* Two guarantors for the loan.
Applications must be submitted online at www.lsetf.ng.
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