The Lagos State Employment Trust Fund (LSETF), in collaboration with Polaris Bank, has unveiled an N1 billion fund for artisans operating in the state.
The Executive Director, Lagos Business, Polaris Bank, Mr. Segun Opeke, during a joint media launch of the fund on Thursday in Lagos said that it was to empower the artisans.
Opeke said that the partnership with the LSETF was aimed at providing the much-needed funding to create wealth for the artisans and players within the Micro, Small, and Medium Enterprises (MSME) space in Lagos State.
He said that artisans and players in the MSME space must have been in operation for a minimum of one year to access the fund.
According to him, the bank will provide N500 million counterpart funding in the partnership, while the LSETF will provide the remaining balance.
Opeke, however, encouraged artisans in the state to take advantage of the facility aimed at job creation.
He said that the bank was committed to creating wealth and empowering small businesses in Lagos.
Also speaking, the Executive Secretary of LSETF, Mrs. Tejumola Abisoye, said that the fund was working with stakeholders to ensure sustainable job opportunities for artisans in the state.
”LSETF, working with the Lagos State Council of Tradesmen and Artisans and the Ministry of Wealth Creation and Employment is committed to making an impact by ensuring it creates access to finance and sustainable job opportunities for artisans in Lagos State.
”We are happy to partner with Polaris Bank in ensuring that this mandate is achieved, and we know that through this fund, thousands of artisan businesses across the state can become sustainable.
”At LSETF, we are open to more strategic partnerships to reduce unemployment, by building the capacity and improving the productivity of Lagos residents,” she said.
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Abisoye disclosed that the loan would be granted to the beneficiaries at a single-digit interest per annum.
”We are working with Polaris Bank to grant this loan at a single digit of 9.5 percent per annum. This is extremely important because we want it to be clear from day one that it is affordable.
”We still think it is the most affordable in the market that you can have access to at the moment,” she said.
Explaining the process of accessing the artisans’ funds, the Group Head, Products, and Market, Polaris Bank, Mrs. Adebimpe Ihekuna, said that the scheme was highly subsidized at less than one percent flat per month.
Ihekuna said that interested artisans should complete an application form; provide proof of verifiable business location with evidence of tenancy and domiciliation of business account to Polaris Bank.
”Applicants are also to provide a business plan among other friendly terms throughout the tenor of the facility,” she said.
Ihekuna said that the scheme offered up to N5 million for the MSMEs to be able to purchase working equipment, so that even a cobbler, vulcanizer, a barbing or hairdressing salon owner, or whatever business could create value.
She said that by creating value, the businesses would also become platforms to continue to provide more employment opportunities for the youth.
On her part, the Director of Programmes, LSETF, Omolara Adewumi, appreciated Polaris Bank for the collaboration and the gesture of coming on board, as a financial partner.
Adewumi said that the MSMEs played important roles in creating jobs and reducing poverty.
”I believe the time for this kind of matching funds, which focuses mainly on artisans in Lagos State is now and we know that this collaboration will be a successful one,” she said.
