As part of its efforts to reduce the financial burden on 11,000 Micro, Small and Medium Enterprises (MSMEs) and technology start-ups in the state, which accessed its loans, the Lagos State Employment Trust Fund (LSETF) has placed a moratorium on repayment of the loans by the beneficiary enterprises.
The Acting Executive Secretary of the Fund, Teju Abisoye, who disclosed this in Lagos described the moratorium as part of the relief measures by the state government to assist SMEs amidst the shutdown occasioned by the COVID-19 pandemic. Specifically, the LSETF boss noted that the pandemic had adversely affected trade and other business activities globally; resulting in SMEs and larger corporations seeking suspension of their loans repayment.
Abisoye explained that the gesture will help keep the struggling SMEs in business and serve as a spark of optimism in anticipation of a quick return to normalcy and business continuity. (Text and photo courtesy Daily Trust)