LCYDI, LSETF train Lagosians on how to apply for Lagos business loans. A must read

 It was an all affair of information, knowledge sharing, and re-enlightenement at Oshodi Youth Center, as over 200 Youths across the state, converged to get the necessary prerequisites towards applying for the Lagos State Employability Trust Fund, Organized by the Lagos. Communities Youth Development Initiative (LCYDI,) under the leadership of Amb. Akani Michael. The program, which was organized with the mindset of taking away numbers of youth from The poverty zone through business initiatives, empowerment and skill sharing was facilitated by officials from the LSETF. 

An official of the LSETF. Mr. Omolumo Omodare, who facilitated the youth explained the processes involved, saying it is a simple and accessible thing to all within the age of 18 to 35, who is a resident of Lagos State. 

He explained that the loans are of different categories:

One. Business startup loan:  This is the loan for people who are starting a new business. The loan availability here is 50,000 Naira minimum and 250,000 Naira maximum, with 9% interest rates on repayment, which is within the period of one year.  The requirements for this are: LASSRA Number, passport, valid ID card, It could be national identity number. PVC international passport or driver's license. Certificate of skill acquired, tax identification number. 

Number two. Business enlargement Loan: This is the loan for a pre-existing business, which needs expansion. Applicants can get 250, 000 Naira minimum and 500,000 maximum, with nine percent interest rates, which is also within the period of one year for repayment. The requirements here at the same with the former. But applicants must show evidence that the business has been in operation. 

Number three. Small medium Enterprises SME loan: This is for people who are into large businesses. They have access to 1 million, naira, minimum and 5 million, naira maximum with 10% interest rates, while the duration for payment is 2 years. The requirements are the same with the former plus business corporate accounts and CAC certificates. 

Other types of loan available are. 

One. The W initiative. This is the loan designed exclusively for women. 

Two: First Edu loan. This is for people who are into academic businesses or goals. 

Three. Business grants: The grants are available for organizations or businesses, which have been in existence, before encountering a financial loss. The organization will provide an account statement of the organization then move on with the procedures. 

How to apply? 

For the generic loans, that is, the first three. Log into, www.loans.lsetf.ng 

Fill the online form, and expect the loan processed within the maximum period of a month. For other categories, Log into the  LSETF site, and choose your preference. 

The organizers of the training also did well by inviting a business consultant, who talked to the youth on the proper way of starting up a business, or managing one. 

Mr. David Aremu, spoke on the significance of having businesses registered with CAC. He said such benefit is majorly to gain state, and federal recognition, and be able to apply for the several business loans everywhere.  He admonished the youth not to be afraid of company Tax. That the financial Act of 2020 states that before a business set up can pay company tax, the organization must earn at least, 25 million naira yearly.

The audience really showed gratitude to the program by appreciating the LCYDI boards, for bringing such an informing forum to the knowledge of all.