Access Bank Plc and Lagos State Government have launched a financing solution known as the “LSETF-W Initiative Loan” specially created by the Access Bank W Initiative programme 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 and micro, small and medium enterprises’ (MSME) 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.
Group Head- W Initiative, Access Bank Plc, Ayona Trimnell said the launch of the special intervention fund by LSETF and Access Bank would help to address funding challenges being encountered by many people, especially female entrepreneurs.
According to her, the 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 or 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,” Trimnell said