A five billion naira post-COVID-19 intervention fund to help the education sector bounce back from the impact of the ongoing 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.
At the launch of the fund in 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.
“There are almost 18,000 private schools and about 11,000 which is about 60% are actually low cost, before the pandemic, these schools depend on tuition fees from parents and we are hoping that with this intervention they don’t need to look for loans that are double digits from some other institutions as we have made this opportunity available to them. It is heartwarming that this would address a very important pillar in our THEMES agenda” Governor Sanwo-Olu said.
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.