Kunle Adelabu
-Loans application opens Wednesday, August 19
The Igbogbo/Baiyeku Local Council Development Area (LCDA and Lagos State Employment Trust Fund (LSETF), have agreed on strategic partnership to create opportunities for residents of the council by providing jobs, business financing, skills development, and inclusive entrepreneurship across its communities.
The partnership was reached when the LSETF’s Head of Monitoring & Evaluation, Mr Ibrahim Mohammed, visited the Chairman in his office at the IBLCDA Secretariat on Monday, establishing the framework to connect the people directly to real opportunities.
The strategic partnership covers Business Capital – which provides access to loans for MSMEs to grow inventory, acquire equipment, and scale operations; Youth Employment, an initiative which creates job placements and enterprise development to tackle unemployment head-on; Support for PWDs, a tailored training, toolkits, and mentorship to ensure no one is left behind and Skills Development, which is practical training for employability and business success.
Omo’ba Hammed Aroyewun, Executive Chairman, IBLCDA described the development as economic expansion opportunity for residents through job creation, business financing, skills development and economic inclusion.
“Igbogbo/Baiyeku LCDA is now firmly on the path to economic expansion. It is my privilege to announce our strategic partnership with the Lagos State Employment Trust Fund (LSETF) a direct response to our shared commitment to jobs, business financing, skills development, and inclusive entrepreneurship across our communities.”
“LSETF recognises Igbogbo/Baiyeku’s entrepreneurial promise, and my administration is fully committed to ensuring every resident benefits. We will coordinate closely with LSETF to guarantee seamless rollout and clear communication on accessing these opportunities.”
The council chairman expatiated, “This is not just a partnership, it is a promise. A promise of prosperity, participation, and progress for every resident of Igbogbo/Baiyeku.”
Meanwhile, the council authorities on Wednesday open registration for LSETF loans to the tune of N5million for business financing and interested residents are expected to register at the Council Secretariat, with no application fee.
The range of loan programmes, according to the IBLCDA authorities are designed to help residents start businesses, expand existing enterprises and strengthen their livelihoods, why applicants are being provided access to loans ranging from ₦50,000 to ₦5 million, depending on the nature and scale of their businesses.
Executive Chairman of Igbogbo/Baiyeku LCDA, Omo’ba Hammed Olalekan Aroyewun, described the programme as a direct intervention aimed at expanding economic opportunities for residents.
Aroyewun speaking further on the partnership especially as it relates to the loan by the LSETF, said:
“This programme represents a direct investment in the economic empowerment of our residents. Whether you are starting a new business or expanding an existing enterprise, the capital you need is now within reach. We encourage all eligible residents to register immediately.”
The loan offers are in three categories: Startup Loan – designed for aspiring entrepreneurs who are seeking capital to launch new businesses, with opportunity to get between ₦50,000 to ₦250,000; Micro Enterprise Loan – available to establish small business owners seeking additional capital to expand their businesses and applicants can get between ₦50,000 to ₦500,000 and Small and Medium Enterprise (SME) Loan – designed for registered businesses requiring larger amounts of capital to scale their operations, with ₦501,000 to ₦5,000,000 available for access.
According to the council authorities, applicants seeking the SME loan must have their businesses registered with the Corporate Affairs Commission (CAC) and National Identification Number (NIN) printout, BVN, Valid ATM card from a commercial bank, Active email address, Six-month bank statement in soft copy, One passport photograph, LASRRA and One guarantor. Applicants for the Micro Enterprise Loan are also required to provide the same requirements.
But for those applying for the SME loan, they are to provide CAC registration documents, Tax Identification Number (TIN), Recent tax receipt, ATM card valid for a minimum of two years, Corporate bank account and Two guarantors instead of one.
The programme is open to only residents of Igbogbo/Baiyeku LCDA, and interested applicants may contact Hon. Olawale Ipaye, the Special Adviser to the Executive Chairman on Social Services, on +234 706 338 2283.
