The Lagos State government has launched a N5 billion economic recovery fund for MSMEs tagged “Lagos Economic Acceleration Programme (LEAP).”
The fund was set up under the Lagos State Employment Trust Fund (LSETF) “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 state government announced the intervention programme on Wednesday, Nov. 18, via its official Twitter handle.
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)".@jidesanwoolu @LSETF @gbenga_omo#LASG pic.twitter.com/1vTIuTr1FE
— The Lagos State Govt (@followlasg) November 18, 2020
According to the Executive Secretary/CEO of the Employment Trust Fund, Mrs. Tejumade Abisoye, the funds is targeted to help sectors of the economy that have been most affected by the pandemic – the sectors identified are Education, Technology, Transport and Logistics, Healthcare, Renewable Energy, Agriculture, Hospitality, Tourism, Creative and Entertainment.
Abisoye said the programme will enable players in these sectors to have access to affordable finance at a single-digit interest rate, enhance capacity building, foster market linkages and to help them leverage business expansion opportunities.
Interested Micro, Small, and Medium Enterprises can apply for the funds here.