28 Oct #ENDSARS: Lagos to disburse N2.5bn recovery fund for looted businesses
The Lagos State Employment Trust Fund (LSETF) has announced plans to disburse about N2.5 billion economy recovery fund to assist entrepreneurs whose businesses were torched during last week’s civil unrest across the state.
The agency said it has received about 2,500 applications from various business owners in the state.
It said the fund was floated to cushion the effects of the protests on businesses and reflate them back to live.
Mrs. Abisoye Tejumola, CEO of the agency, said to ascertain the claim of a business owner in order for them to receive funding support, LSEFT would be sending down its verification partners who will be on ground to ascertain and verify each claim a business is making.
She said the MSMEs recovery fund is being managed by a steering committee because it is not only the Lagos State Government that has made funds available for this business intervention but also included the private sector.
Abisoye noted that the steering committee will determine each claim based on the verification and evaluation report provided by the business development support partners.
On the challenges of improper documentation access to funding by SMEs, she said the structure for verification will include a neighbor who knows the business and its promoter within the local government and can ascertain the existence of the business, including the membership of a business association.
Abisoye disclosed that businesses impacted by looting have until the October 31, 2020 to apply for the economic recovery fund, saying the agency intends to commence disbursement of funds within the next 12