How to get the Lagos State Employment Trust Fund (LSETF) Loan

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How to get the Lagos State Employment Trust Fund (LSETF) Loan

The Lagos State Employment Trust Fund (LSETF) Loan Program is back again! The loan scheme aims to create affordable access to funding for small businesses to grow, expand, create wealth and put people to work. The loan scheme, which attracts only 5% interest rate per annum, is available to business owners who are registered residents of Lagos State.

Small and Medium Enterprise Owners can get Loans of up to N5,000,000 per business

Requirements

  • The business must be a registered company with CAC
  • Have personal tax registration details
  • Be located in Lagos,
  • Have a LASRRA ID,
  • Have a Federal Government-issued ID card
  • Two people to guarantee the loan and
  • Plan to hire new employees

Micro Enterprise Owners can get Loans of up to N500,000 per person

Requirements

  • Have personal tax registration details
  • Be located in Lagos,
  • Have a LASRRA ID,
  • Have a Federal Government-issued ID card and
  • One person to guarantee the loan

To start your application please click here

Are you credit-worthy?

To be awarded any loan, your bank or lending company will have to evaluate you and determine if you will be able to repay your loan.

Your creditworthiness is determined by several factors including:

  • your repayment history for any previous loan
  • If you have another existing loan with another bank or lending company
  • your income compared to the loan amount and repayment duration
  • your guarantor’s capability of taking responsibility for your loan

Your creditworthiness is important because it will determine whether you get the loan you applied for.

But that’s not all.

The more creditworthy you are, the better it is for you because your loan application is approved faster compared to a poor creditworthy person.

At GTI Microfinance bank, we offer salary earners to access loans up to 3 times their monthly take-home salary with repayments spread over 3 – 8 months.

This loan offer is available to both the federal government, state government, and private-sector workers.

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