Yes, the LSETF MSME Loan Programme is real. It is run by the Lagos State Employment Trust Fund (LSETF), set up by Lagos State law in 2016, and offers low-interest loans of ₦50,000 to ₦5 million to businesses in Lagos. The official loan portal is taking new accounts, and LSETF’s loan page shows no closing date. These are loans you must repay, not grants.
What it is
LSETF gives business loans to registered residents of Lagos State. Interest is 9% per year (5% on some local government schemes). There is no collateral listed, but you contribute 5% equity. The main options on LSETF’s official page are:
- Micro Enterprise Loan: ₦50,000 to ₦500,000, 12 months, for businesses that have existed for at least one year.
- Micro Enterprise Start-Up Loan: ₦50,000 to ₦250,000, 12 months, for new micro businesses with a vocational training certificate.
- Small and Medium Enterprise Loan: ₦500,000 to ₦5,000,000, 24 to 36 months, for CAC-registered businesses running for at least one year.
- Special 5% interest schemes for Ojo LGA and Onigbongbo LCDA.
Who can apply
- Business owners who live and operate in Lagos State.
- You need a LASSRA ID, a LIRS Tax ID, a government-issued ID and your BVN.
- Micro loans: 2 passport photos and 6 months’ bank statement.
- Start-up loans: 1 passport photo and a vocational training certificate from a Lagos State-recognised body.
- SME loans: CAC documents, 2 passport photos and 6 months’ corporate bank statement.
How to apply (the official way)
- Read the loan types on LSETF’s official page: lsetf.ng/content/msme-loan-programme.
- Get your LASSRA ID and LIRS Tax ID ready first.
- Create an account and apply on the official portal: loans.lsetf.ng.
- For help, LSETF lists phone 02017000945 (Monday to Friday, 8am to 5pm), email info@lsetf.ng, and its office at 16 Billings Way, Oregun, Ikeja.
How to spot fake versions
- Wrong website. Real applications are made on loans.lsetf.ng. WhatsApp forms, Google Forms and blog “application forms” are not LSETF.
- Sellers of forms. LSETF has warned in the past that fraudsters were selling fake loan forms and that it had not authorised any agent to sell forms.
- Fees to “agents”. The only payment on LSETF’s official loan page is your 5% equity contribution under the loan terms. We found no official application fee. Do not pay anyone who says they can “guarantee approval”.
- “LSETF grant” messages. This programme gives loans with interest, not free grants.
- Outside Lagos offers. LSETF is for Lagos residents and businesses only.
Quick answers
Is the LSETF loan open now?
The official portal invites new users to create an account and apply, and LSETF’s loan page shows no closing date. Always confirm on the official site before you prepare documents.
Do I need collateral?
LSETF’s official loan page does not list collateral. It lists a 5% equity contribution and the documents above.
Can I apply if I live outside Lagos?
No. The loans are for business owners who live and operate in Lagos State.
I don’t have a LASSRA ID. Can I still apply?
LASSRA ID is listed as a requirement for every loan type. Register for it first.
Is it a grant?
No. It is a loan at 9% per year (5% for some LGA schemes) that you must repay.
Sources: LSETF: MSME Loan Programme; LSETF loan portal; LSETF: About and contact details; Business Post: LSETF warns public against fake loan forms (2016).
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