The Executive Director, Lagos Business, Polaris Bank, Mr
Segun Opeke, during a joint media launch of the fund on Thursday in Lagos said
that it was to empower the artisans.
Opeke said that the partnership with the LSETF was aimed at
providing the much-needed funding to create wealth for the artisans and players
within the Micro, Small and Medium Enterprises (MSME) space in Lagos State.
He said that artisans and players in the MSME space must
have been in operation for a minimum of one year to access the fund.
According to him, the bank will provide N500 million
counterpart funding in the partnership, while the LSETF will provide the
remaining balance.
Opeke, however, encouraged artisans in the state to take
advantage of the facility aimed at job creation.
He said that the bank was committed to creating wealth and
empowering small businesses in Lagos.
Also speaking, the Executive Secretary of LSETF, Mrs
Tejumola Abisoye, said that the fund was working with stakeholders to ensure
sustainable job opportunities for artisans in the state.
“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 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.
“At LSETF, we are open to more strategic partnerships to
reduce unemployment, by building the capacity and improving the productivity of
Lagos residents,” she said.
Abisoye disclosed that the loan would be granted to the
beneficiaries at a single digit interest per annum.
“We are working with Polaris Bank to grant this loan at a
single digit of 9.5 per cent per annum. This is extremely important because we
want it to be clear from day one that it is affordable.
“We still think it is the most affordable in the market that
you can have access to at the moment,” she said.
Explaining the process of accessing the artisans’ funds, the
Group Head, Products and Market, Polaris Bank, Mrs Adebimpe Ihekuna, said that
the scheme was highly subsidised at less than one per cent flat per month.
Ihekuna said that interested artisans should complete an
application form; provide proof of verifiable business location with evidence
of tenancy and domiciliation of business account to Polaris Bank.
”Applicants are also to provide business plan among other friendly
terms throughout the tenor of the facility,” she said.
Ihekuna said that the scheme offered up to N5 million for
the MSMEs to be able to purchase working equipment, so that even as a cobbler,
vulcanizer, a barbing or hairdressing salon owner or whatever business could
create value.
She said that through creating value, the businesses would
also become platforms to continue to provide more employment opportunities for
the youth.
On her part, the Director of Programmes, LSETF, Omolara
Adewumi, appreciated Polaris Bank for the collaboration and the gesture of
coming on board, as a financial partner.
Adewumi said that the MSMEs played important roles in
creating jobs and reducing poverty.
”I believe the time for this kind of matching funds, which
focuses mainly on artisans in Lagos State is now and we know that this
collaboration will be a successful one,” she said.
Prospective applicants are encouraged to visit any Polaris
Bank branch, the liaison offices of LSETF to apply, or visit https:.LSETF.