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COVID-19: LSETF Declares Moratorium on Loan Repayment for 11,000 MSMEs and Tech Startups

In a move geared towards stemming the social-economic effect of the COVID-19 pandemic on businesses, the Lagos State Employment Trust Fund (LSETF) has granted a moratorium on loan repayment. The beneficiaries include micro, small and medium scale enterprises (MSMEs) and technology start-ups in the state on its Loan and Hub Financing Programmes.

According to Teju Abisoye, the Acting Executive Secretary of LSETF, the relief and palliative measure, which targets over 11,000 Micro, Small and Medium Enterprises (MSMEs) in the programme took into cognisance the impact of the shutdown of businesses.

In her statement, the shutdown was in compliance with the social distancing directives by the state and federal governments in the effort to tackle the pandemic and prevent the chain of transmission from person-to-person contacts in public places.

She added that in compliance with the social distancing directives and the consequential cessation of all movement in the state, LSETF would be suspending its ‘Lagos Innovates Workspace Vouchers Programme’ for a month. The programme was aimed at supporting and facilitating access to well-equipped workspaces and learnings for potential innovators and founders of start-ups in the Lagos tech ecosystem.

The Acting Executive Secretary also noted, “that this palliative measure is open to performing loan beneficiaries and those with past-due obligations of not more than 60 days. Also, the applicants must complete a loan repayment moratorium form ahead of securing a written acceptance of the approved loan moratorium.”

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