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Lagos State Employment Trust Fund Grant for MSMEs

Picture of Ikenna Nwachukwu
Lagos State Government

 

The Lagos State Government, through the Lagos State Employment Trust Fund (LSETF) is inviting MSMEs in the state to apply for grants under the COVID-19 Action Recovery and Economic Stimulus (CARES) program. If they meet preset criteria, they could receive grants of up to ₦1 million. This program is aimed at supporting the recovery of MSMEs in the state after the ravages of the COVID-19 pandemic.

Read more about Opportunities

Businesses can apply for one of three grant types, namely:

  • Credit Grant
  • IT Enhancement Grant
  • Operations Grant

Credit Grant

This covers up to 40% of performing loans taken by businesses starting in June 2020, to date, from selected financial institutions following the emergence of the COVID-19 crisis.

  • Here, micro-enterprises and SMEs could both be eligible for loans of up to ₦1 million.

Operations Grant

The Operations Grant is given to prop-up the operational expenditure of MSMEs in Lagos after the emergence of the COVID-19 pandemic. This grant will cover up to 50% of monthly operational costs for 6 months. The costs to be covered include staff salaries, documented utilities, and documented private security expenses.

  • Micro enterprises will receive up to ₦150,000
  • SMEs will get up to ₦1 million

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IT Enhancement Grant

This grant helps MSMEs to acquire technologies that will improve their operations and productivity.

  • Micro enterprises will receive hardware and/or software worth up to ₦300,000
  • SMEs will get hardware and/or software worth up to ₦1.5 million

Eligibility

Micro Enterprises

  • Principal’s BVN
  • Evidence of company registration (where this applies)
  • Evidence that the business is currently in operation
  • LASRRA (Lagos State Residents Registration Agency) ID
  • Evidence of Operating Expense Obligations
  • Evidence of tax payment
  • Staff Payee Receipts for the past 3 months
  • Minimum of 3 staff

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SMEs

  • Directors’ BVN
  • Evidence of company registration
  • Evidence of tax payment
  • Evidence that the business is currently operational
  • Directors’ LASRRA IDs
  • Evidence of Operating Expense Obligations
  • Staff Payee Receipts for the past 3 months
  • Staff PAYE receipt as of Dec 2019 (with payment schedule)
  • Minimum of 10 staff

If you would like to apply for the LSETF Lagos CARES Grant, you can do so HERE.

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