The Executive Chairman of Onigbongbo LCDA, Hon Oladotun Olakanle has increased the monthly grants to the elderly persons enrolled in the council’s welfare package from N5,000 to N10,000 and 200 small scale businesses were presented with grant cheques of 50,000 naira each to support their ventures and enterprises.
This was officially announced on Thursday during the presentation of 10-million-naira cheque by the council helmsman to the Executive Secretary Lagos State Employment Trust Fund (LSETF) Mrs. Feyisayo Alayande in the Council Secretariat.
Olakanle also presented a cheque of N10 million to LSETF to facilitate revolving-loan to small scale business owners within the Onigbongbo council.
The Council Boss stated that “I hereby present this 10 million naira cheque to the LSTF for the purpose of our small scale business owners to approach them to get funding for their various ventures and enterprises”.
He also used the occasion to inform on the readiness of his administration to complete the ongoing office complex in record time.
The LSETF in February launched a new loan program designed to provide accessible funding opportunities for small businesses.
To facilitate growth, expansion, wealth creation, and job opportunities, the LSETF Loan Programme offers a competitive interest rate of 9% per annum.
The initiative, which is focused on supporting local entrepreneurship and economic development, targets business owners who are registered residents of Lagos State.
Established under the Lagos State Employment Trust Fund Law of 2016, the LSETF provides financial assistance to Lagos State residents, thereby addressing unemployment challenges and promoting job and wealth creation within the region.
