Female entrepreneurs now have more reasons to smile and succeed with a discounted financing solution known as the “LSETF-W Initiative Loan” specially created by the Access Bank W Initiative program in partnership with the Lagos State Employee Trust Fund (LSETF) to provide low interest loans for female businesses to flourish in the state.
The “LSETF- W Initiative loan” is a financing scheme for female traders/MSME’s operating in Lagos state regardless of their state of origin. This means applications from non- indigenes who are resident in Lagos and own at least 50 per cent ownership in either start-ups, micro enterprises, or small and medium enterprises will be accepted for consideration.
Speaking on the scheme, Group Head- W Initiative, Access Bank Plc, Ayona Trimnell, expressed her delight on the launch of this special intervention fund by LSETF and Access Bank while adding that many individuals especially women have encountered challenges in doing business which includes limited access to funding.
According to her, this funding challenge has deepened with the pressure of the pandemic situation on the economy.
“Our response to this plight is to make available the LSETF- W Initiative loan which is rightly positioned to tick all the boxes for our female entrepreneurs.
The LSETF-W Initiative loan is highly competitive at 10 per cent per annum, requires no collateral (fixed property), and can be repaid over a period of 24 months.
“This is an amazing opportunity for women led businesses and we can’t wait to support over 4,000 female businesses with this fund. Interested applicants can apply through the LSETF loan portal via apply.lsetf.ng” she concluded.
Commenting on the initiative, the Executive Secretary, LSETF, Teju Abisoye, commended the efforts of Access Bank’s W Initiative for collaborating with Lagos State.
“The LSETF was set up in 2016 to address unemployment in Lagos State. It does this strategically by providing affordable financing to MSMEs in the state to increase their productivity and expand in such a way that they can employ more people. With the LSETF-W Initiative loan, we will not only be able to tackle financing gaps for female businesses but also make it affordable for them to thrive in the state”, Abisoye said.
Sharing her thoughts on what female entrepreneurs can enjoy in addition to this fund, Group Head Emerging Business, Access Bank Plc, Ayodele Olojede, said that there is so much more Access Bank is offering MSMEs which include business support services, digital payment solutions amongst others.
“We understand the nitty gritty of doing business which goes beyond just having capital hence, many businesses require proper structure, online presence, mentors, access to market and networking opportunities to survive in the first 5 years of business operations. Access Bank desires to take the pressure off you in so many ways to enable you to grow and succeed in your desired business path,” she said.