Polaris Bank and the Lagos State Employment Trust Fund (LSETF) have partnered to provide a N1 billion fund to artisans operating in Lagos state.
This was disclosed yesterday by the Bank’s Executive Director, Lagos Business, Mr Segun Opeke at a joint media launch of the artisans’ funds.
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Mr Opeke explained that the partnership with LSETF is aimed at providing the much-needed funding to create wealth and empower artisans and players within the MSME space in Lagos state who have been in business operation for a minimum of one year.”
The executive director further noted that Polaris Bank will be providing N500m counterpart funding in the partnership while LSETF is providing the fund the same amount. He encouraged artisans in the state to take advantage of the facility.
The loan which is provided for at a single digit of 9.5% per annum is expected to cater for not less than 1,827 artisans in the first phase.
In her presentation at the signing off ceremony, the Executive Secretary of LSETF, Tejumola Abisoye, stated, “LSETF working with the Lagos State Council of Tradesmen and Artisans and the Ministry of Wealth Creation and Employment is committed to making impact by ensuring it creates access to finance and sustainable job opportunities for artisans in Lagos State. We are happy to partner with Polaris Bank in ensuring that this mandate is achieved, and we know that through this fund, thousands of artisan businesses across the state can become sustainable”
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