Lagos State, Access Bank set up N10bn LSETF W-Initiative
The Lagos State Government in collaboration with Access Bank Plc on Wednesday set up a N10 billion Lagos State Employment Trust Fund (LSETF) ‘W’ Initiative, which is aimed at supporting small scale businesses with access to finance.
Speaking at the official launch of the initiative in Lagos, Herbert Wigwe, group managing director/CEO of Access Bank said the whole idea is to support people who are looking for money, women and so on and help them to set up their own businesses.
“It is something we have been doing for the past 13 years and I think this partnership with Lagos State, which is basically put at N4 billion and we have increased it to N10 billion, the whole idea is to support small scale businesses in Lagos which truly form the bedrock for economic growth”, Wigwe said.
He said the bank is creating a structure that will enable it screen the applications of prospective clients. “Where the applications are not right, we will help them and if it is bankable, we will make sure we get it right. It is advisory, it is financial support, it is all the things they require to set up a business. Sometimes it is not just about money, it’s all about helping people to understand how to set up financial statement, its about helping people understand how to run a business”.