The Lagos State government has begun mentorship programme to train beneficiaries of the N25billion State Employment Trust Fund (LSETF) on financial literacy and business management to help grow their businesses.
LSETF Executive Secretary Akintunde Oyebode, who spoke yesterday at a Grassroots Engagement and Education programme, said the programme was designed to assist beneficiaries manage their resources.
He added that beside financial literacy and business management training, LSETF has also arranged experts known as Business Development Support Partners who, for certain types of loans, would continue to mentor, guide and help beneficiaries formalise and grow their businesses.
He said: “We have three loan programmes. There is one for our young people who are just starting their businesses after learning a trade. We are offering up to N250, 000 in low interest loan and the rate would be five per cent per annum for a period of one year and because they are just starting, they have a moratorium of three months.
“We have another programme that we call Micro Enterprises and it is for those who are already running their businesses. For that programme, we are offering up to N500,000 at five per cent interest rate per annum. The third programme is called the Small and Medium Enterprise Loan scheme for which we give up to N5million for three years at five per cent per annum.
“We have designed these programmes such that whoever you are and at whatever stage of business you are, there is a programme to support you.”
Chairman of Ibile Micro Finance Bank Kolawole Taiwo said the governor deserves to be commended for the initiative.