Business

MSME Loan for New & Existing Business Application (N250,000 to N5,000,000)

3 Mins read
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MSME Loan for New and Existing Business Programme aims to create affordable access to funding for small businesses to grow, expand, create wealth and put people to work. The MSME loan scheme, which attracts only a 9% interest rate per annum, is available to business owners who are registered residents of Lagos State. 

List of MSME Loan for New & Existing Businesses to Apply

1# LSETF Micro-Enterprise Loan (N50,000 – N500,000) per person

FEATURES

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  • AVAILABLE TO ALL BUSINESS OWNERS OPERATING AND RESIDENTS IN LAGOS STATE
  • MAXIMUM LOAN AMOUNT =N=500,000
  • LOAN TENOR = 12 MONTHS (NO MORATORIUM)
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 9% PER ANNUM

REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • BANK VERIFICATION NUMBER
  • 2 PASSPORT PHOTOGRAPHS
  • 6 MONTHS BANK STATEMENT
  • BUSINESS MUST BE IN EXISTENCE FOR AT LEAST ONE YEAR

APPLY HERE »

2# LSETF Micro Enterprise Start Up Loan (N50,000 – N250,000) per person

FEATURES

  • AVAILABLE TO ALL MICRO ENTERPRISE START-UPS IN LAGOS STATE
  • MAXIMUM LOAN AMOUNT =N=250,000
  • TENOR = 12-15 MONTHS (INCLUDING 3 MONTHS MORATORIUM)
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 9% PER ANNUM

REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • BANK VERIFICATION NUMBER
  • 2 PASSPORT PHOTOGRAPHS
  • VOCATIONAL CERTIFICATE FROM A LAGOS STATE RECOGNISED CERTIFYING BODY

APPLY HERE »

3# LSETF Small and Medium Size Enterprise Loan (N500,000 – N5,000,000) per business

FEATURES

  • AVAILABLE TO ALL SMALL AND MEDIUM-SIZE BUSINESS OWNERS OPERATING AND RESIDENTS IN LAGOS STATE
  • MAXIMUM LOAN SIZE =N=5M
  • TENOR = 24 – 36 MONTHS
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 9% PER ANNUM

REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • TIN NUMBER (FIRS TAX IDENTIFICATION NUMBER)
  • VALID CAC DOCUMENTS
  • BANK VERIFICATION NUMBER
  • 2 PASSPORTS
  • 12 MONTHS CORPORATE BANK STATEMENT
  • BUSINESS MUST BE REGISTERED WITH CAC AND OPERATIONAL FOR AT LEAST A YEAR

APPLY HERE »

4# LSETF/FIRST-EDU LOAN (500,000-5,000,000) per school

FEATURES

  • AVAILABLE TO SCHOOLS OPERATING IN LAGOS STATE
  • MAXIMUM LOAN SIZE =N=5M
  • TENOR = 12 – 24 MONTHS
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 9% PER ANNUM

REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • TIN NUMBER (FIRS TAX IDENTIFICATION NUMBER)
  • VALID CAC DOCUMENTS
  • A MINIMUM OF 100 STUDENTS ENROLLED
  • BANK VERIFICATION NUMBER
  • 2 PASSPORT PHOTOGRAPHS
  • 12 MONTHS CORPORATE BANK STATEMENT
  • SCHOOL OR TRAINING INSTITUTE MUST BE REGISTERED WITH THE CAC AND OPERATIONAL FOR AT LEAST 1YEAR.

APPLY HERE »

5# LSETF/EDFIN EDU LOAN (500,000-5,000,000) per school

FEATURES

  1. AVAILABLE TO SCHOOLS OPERATING IN LAGOS STATE
  2. MAXIMUM LOAN SIZE =N=5M
  3. TENOR = 12 – 30 MONTHS
  4. EQUITY = 5% OF LOAN SIZE AND 10% OF ASSET FINANCE.
  5. INTEREST RATE = 9% PER ANNUM

REQUIREMENTS

  1. LASSRA ID
  2. TAX ID (LIRS)
  3. VALID GOVERNMENT-ISSUED IDENTITY CARD
  4. TIN NUMBER (FIRS TAX IDENTIFICATION NUMBER)
  5. VALID CAC DOCUMENTS
  6. A MINIMUM OF 50 STUDENTS ENROLLED
  7. BANK VERIFICATION NUMBER
  8. 2 PASSPORT PHOTOGRAPHS

APPLY HERE »

6# LEAP Tourism Loans

FEATURES

  1. AVAILABLE TO ALL BUSINESSES IN THE TOURISM AND HOSPITALITY SECTOR OPERATING IN LAGOS STATE AND REGISTERED UNDER THE MINISTRY OF TOURISM
  2. MAXIMUM LOAN SIZE =N=5M
  3. TENOR = 12 – 24 MONTHS
  4. EQUITY = 5% OF LOAN SIZE
  5. INTEREST RATE = 5% PER ANNUM

REQUIREMENTS

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  1. LASRRA ID
  2. TAX ID (LIRS)
  3. VALID GOVERNMENT-ISSUED IDENTITY CARD
  4. TIN NUMBER (FIRS TAX IDENTIFICATION NUMBER)
  5. VALID CAC DOCUMENTS
  6. BUSINESS MUST BE REGISTERED UNDER THE MINISTRY OF TOURISM
  7. BANK VERIFICATION NUMBER
  8. 2 PASSPORT PHOTOGRAPHS
  9. 12 MONTHS CORPORATE BANK STATEMENT

APPLY HERE »

7# LSETF-Polaris Artisan Micro-Enterprise Loan (N50,000-N500,000)

FEATURES

  • Maximum Loan Amount = N500,000
  • Loan Tenor = 12 months
  • Interest Rate = 9.5% per annum

REQUIREMENTS

  • LASRRA ID
  • Tax ID (LIRS)
  • Valid Government Issued Identity Card
  • 6 months Bank Statement
  • Business must be operating for at least 1 year
  • Bank Verification Number
  • Letter of recognition from Lagos State registered Trade/Artisan Association

LSETF-Polaris Artisan Small and Medium Enterprise Loan (N500,000-N5,000,000)

FEATURES

  • Maximum Loan Amount = N5,000,000
  • Loan Tenor = up to 24 months
  • Interest Rate = 9.5% per annum
  • Requirements
  • LASRRA ID
  • Tax ID (LIRS)
  • TIN Number (FIRS Tax Identification Number)
  • Valid CAC Documents
  • Bank Verification Number (BVN)
  • Valid Government Issued Identity Card
  • 6 months Business Bank Account Statement
  • Business must be registered and operating for at least 1 year
  • Letter of recognition from Lagos State registered Trade/Artisan Association

APPLY HERE »

LSETF/ACCESS BANK WOMEN ENTREPRENEURS LOAN (W-INITIATIVE)

LSETF/ACCESS BANK MICRO ENTERPRISE START-UP LOAN (50,000 – 250,000)

FEATURES

  • AVAILABLE TO FEMALE MICRO ENTERPRISE START-UPS IN LAGOS STATE
  • MAXIMUM LOAN AMOUNT =N=250,000
  • TENOR = 12 MONTHS (INCLUDING 3 MONTHS MORATORIUM)
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 10% PER ANNUM

      REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • BANK VERIFICATION NUMBER
  • 2 PASSPORT PHOTOGRAPHS
  • VOCATIONAL CERTIFICATE FROM A LAGOS STATE RECOGNISED CERTIFYING BODY

8# LSETF/ACCESS BANK MICRO ENTERPRISE LOAN (50,000-500,000)

    FEATURES

  • AVAILABLE TO ALL FEMALE BUSINESS OWNERS OPERATING AND RESIDENTS IN LAGOS STATE
  • MAXIMUM LOAN AMOUNT = (=N=500,000)
  • LOAN TENOR = 12 MONTHS (NO MORATORIUM)
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 10% PER ANNUM

      REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • BANK VERIFICATION NUMBER
  • 2 PASSPORT PHOTOGRAPHS
  • 6 MONTHS BANK STATEMENT
  • BUSINESS MUST BE IN EXISTENCE FOR AT LEAST ONE YEAR

LSETF/ACCESS BANK SMALL AND MEDIUM ENTERPRISE LOAN (500,000-5,000,000)

FEATURES

  • AVAILABLE TO ALL FEMALE BUSINESS OWNERS OPERATING AND RESIDENTS IN LAGOS STATE
  • MAXIMUM LOAN SIZE =N=5M
  • TENOR = Up to 24 MONTHS
  • EQUITY = 5% OF LOAN SIZE
  • INTEREST RATE = 10% PER ANNUM

      REQUIREMENTS

  • LASSRA ID
  • TAX ID (LIRS)
  • VALID GOVERNMENT-ISSUED IDENTITY CARD
  • TIN NUMBER (FIRS TAX IDENTIFICATION NUMBER)
  • VALID CAC DOCUMENTS
  • BANK VERIFICATION NUMBER
  • 2 PASSPORT PHOTOGRAPHS
  • 12 MONTHS CORPORATE BANK STATEMENT
  • BUSINESS MUST BE REGISTERED WITH CAC AND OPERATIONAL FOR AT LEAST A YEAR

APPLY HERE »

Eligible Entities that can apply for MSME loans:

  • Individuals, MSMEs, business owners, women entrepreneurs, self-employed professionals, and people falling under SC/ST/OBC category
  • Private or Public Limited Companies, Sole Proprietorships, Partnership Firms, and Limited Liability Partnerships engaged only in the trading, services, and manufacturing sectors

MSME loans are both secured and unsecured business loans, however, most lenders offer unsecured business loans that are termed collateral-free loans. In the case of collateral-free loans, borrowers are not required to submit any collateral/security with the bank/NBFC or any financial institution.

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