Loan scheme beneficiaries laud Lagos government at trade fair

Beneficiaries of the Lagos State Employments Trust Fund (LSETF) loan scheme programme have commended the state government for supporting the Micro Small and Medium Entrepreneurs (MSMEs).

Some of the beneficiaries told The Guardian that the grants had positively affected their businesses.

They spoke at the LSETF pavilion at the 2017 Lagos International Trade Fair (LITF), which the state secured for more than 20 of them to exhibit their products.

According to the LSETF, the initiative is geared towards boosting the visibility of participating beneficiaries. It also provided a platform for the small businesses to market and sell their products.

Sharing her experience, the Director of Nicnax Enterprises, who deals with oatmeal products, Ejiro Jakpa and Alexandrina Owoeye, maker of Alexsial coconut oil commended the government for the kind gesture.

They promised to reciprocate the gesture by paying their taxes and also making sure that they become employers of labour.

So far, the LSETF, under its MSME loan programme, has approved N4.9 billion for disbursement to 6, 548 small business owners and has successfully disbursed N4.1 billion loans to over 4,762 beneficiaries.

Businesses operating within the Small and Medium Enterprises (SMEs) space received N2.91 billion, while those in the Micro Enterprises (ME) category received N1.99 billion.

Similarly, N61 million has been disbursed to trained applicants to start up their own micro enterprises in the state.