Lagos State launches N5 billion Fund for MSMEs to fight post-Covid-19 downturn

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The Lagos State Employment Trust Fund (LSETF), has launched a N5 billion economic recovery support Fund for MSMEs in the state.

The intervention programme tagged “Lagos Economic Acceleration Programme (LEAP), is aimed at helping businesses inLagos State recover from the devastating effects of Covid-19 pandemic.

In a message posted on its official Twitter handle, the state government said: “In a bid to help businesses in Lagos recover as well as save and create more jobs in the wake of the COVID-19 pandemic, the Lagos State Government, on Wednesday, unveiled N5 Billion Lagos Economic Acceleration Programme (LSETF-LEAP).

At the unveiling, the Executive Secretary/CEO, Lagos State Employment Trust Fund, Mrs. Tejumade Abisoye, described the LSETF-LEAP as a sector-specific intervention programme aimed at supporting MSMEs businesses and driving growth across targeted sectors that have been severely affected by the pandemic.

She said the initiative will provide access to affordable finance at a single-digit interest rate, enhance capacity building, foster market linkages and leverage business expansion opportunities for its beneficiaries.

The Fund will target businesses in Education, Technology, Transport and Logistics, Healthcare, Renewable Energy and Agriculture.

She noted, however, that the Hospitality, Tourism, Creative and Entertainment Sectors have suffered a downturn that requires intervention that seeks to protect employment. She, therefore implored all interested Micro, Small, and Medium Enterprises applicants to visit the LSETF website to apply.

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