Lagos designs eligibility form for businesses to access N1billion seed capital

Lagos designs eligibility form for businesses to access N1billion seed capital

Lagos designs eligibility form for businesses to access N1billion seed capital

Application deadline: Ongoing

 

About the Seed Capital Funding:

The Lagos State Ministry of Tourism, Arts and Culture disclosed it has designed a palliative eligibility form, to take in the applications of qualified practitioners for its N1 billion seed capital investment in the Hospitality, Tourism and Entertainment sector.

She disclosed that as a follow-up to the announcement of N1 billion seed capital for investment in the tourism and hospitality sector, an eligibility form has been set-up to take in the applications of qualified practitioners in the Hospitality, Tourism and Entertainment sector for its N1 Billion seed capital. She called on all qualified persons with businesses in the Hospitality, Tourism and Entertainment sector to fill the eligibility form on the websites, and generate a code upon completion of the online form.

The Lagos Government in response to the economic challenges being experienced as a result of the Covid-19 Pandemic which necessitated the shutdown of all tourism, hospitality and creative arts businesses among others; has considered the sector as one of the worst hit of the economy. The State Government through the intervention of the Ministry of Tourism, Arts and Culture has therefore made available credit funding domiciled with Lagos State Employment Trust Fund (LSTETF)in support of the recovery and revitalization of the sector in Lagos State.

Eligibility Criteria

To be considered eligible for the seed capital, all interested practitioners must meet/have the under-listed requirements and documents:

  1. 1. Must be resident of Lagos State (LASSRA)

    2. Business must be within the creative Arts, Tourism and Hospitality sector

    3. Business must be registered with the Lagos State Ministry of Tourism, Arts and Culture

    4. Business must be operational for at least One (1) year

    5. For Term Loan and Hub Loans/Production Loans within the SME category; the business must be registered with CAC

    6. Must provide Guarantors with a sizable income: Two (2) Guarantors for Term and Hub loans/Production loans within the SME category. One (1) of the Two (2) Guarantors must be an Association and One (1) Guarantor for Term Loans within the ME category.

    7. Applicant must be a member of an Association (Optional)

    8. Evidence of Tax Compliance

    9. For hub Loans/Production Loans; Business must operate a hub, incubator or similar facility that supports capacity development of emerging/existing talent with the Arts, Tourism and Hospitality sectors in Lagos State.

    10. For Production Loan; Business/Promoters must already have some experience producing work that has been in at least local cinemas.

    11. Two photographs

 

Application

Follow the link below to apply:

Apply here

 

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