The “LSETF-W Initiative Loan” specially created by the Access Bank W Initiative program in partnership with the Lagos State Employee Trust Fund (LSETF) is set to provide low-interest loans for female businesses to flourish in the state.
The “LSETF- W Initiative loan” is a financing scheme for female traders/MSME’s operating in Lagos state regardless of their state of origin. This means applications from non-indigenes who are resident in Lagos and own at least 50% ownership in either start-ups, micro-enterprises, or small and medium enterprises will be accepted for consideration.
Speaking on the scheme, Teju Abisoye, Executive Secretary-LSETF, commended the efforts of Access Bank’s W Initiative for collaborating with the Lagos State Employment Trust Fund (LSETF) on this laudable funding scheme. She said “The LSETF was set up in 2016 to address unemployment in Lagos State. It does this strategically by providing affordable financing to MSMEs in the State to increase their productivity and expand in such a way that they can employ more people. With the LSETF-W Initiative loan, we will not only be able to tackle financing gaps for female businesses but also make it affordable for them to thrive in the state”.
Ayona Trimnell, Group Head, W Initiative, Access Bank Plc., expressed her delight on the launch of this special intervention fund by LSETF and Access Bank.
She said: “Many individuals especially women have encountered challenges in doing business which includes limited access to funding. This funding challenge has deepened with the pressure of the pandemic situation on the economy. Our response to this plight is to make available the LSETF- W Initiative loan which is rightly positioned to tick all the boxes for our female entrepreneurs.
“The LSETF-W Initiative loan is highly competitive at 10% per annum, requires no collateral (fixed property), and can be repaid over a period of 24 months. This is an amazing opportunity for women led businesses and we can’t wait to support over 4,000 female businesses with this fund. Interested applicants can apply through the LSETF loan portal via apply.lsetf.ng.”
There is so much more Access Bank is offering MSMEs which include business support services, digital payment solutions etc.
Ayodele Olojede, Group Head Emerging Business, Access Bank Plc., shares her thoughts on what female entrepreneurs can enjoy in addition to this fund.
“We understand the nitty-gritty of doing business which goes beyond just having capital hence, many businesses require proper structure, online presence, mentors, access to market and networking opportunities to survive in the first 5 years of business operations. Access Bank desires to take the pressure off you in so many ways to enable you grow and succeed in your desired business path”, he said.
Access Bank is a one-stop shop for exciting offers on free trainings, business clinics, discounted website support services, registration services, verified payment links, discounted professional advisory services on book keeping, taxation, legal needs and so much more.