Afive billion naira Covid-19 intervention fund to help the education sector bounce back from the impact of the ongoing covid-19 pandemic has been inaugurated by Governor Babajide Sanwo-Olu under the Lagos State Employment Trust Fund, LSETF.
The post-covid intervention loan which is a fixed single digit interest rate at 9 % per annum is available to two categories of applicants; micro enterprises which can access a maximum of five hundred thousand naira and small and medium enterprises with access to a maximum of five million naira.
During the launching of the fund at the Lagos House Alausa Ikeja, Governor Sanwo-Olu emphasised that the loan is meant for private educational institutions, especially those he described as low cost primary and secondary schools and expressed confidence that it would help them recover from the impact of the covid-19 pandemic.
Stressing that human capital development including education and health is a priority for his administration,
the Governor described the Fund as a precursor of many more sector-specific loans which the Employment Trust Fund would be administering.
The Chairman of the LSETF, Mrs. Bola Adesola said for an educational Institution to access the fund, it must have been in existence for a minimum of one year and have at least one hundred students.
Mrs Adesola who was represented by a member of the Board, Mrs Tatiana Moussali-Nouri said the fund would be complemented by free professional and institutuonal support of the LSETF.
She assured prospective applicants that the loan would be administered in a fair and credible manner irrespective of affiliations or gender.
The loan is being financed by one of the foremost and oldest first generation banks in the Country.
Yemisi Oreoluwa
