Nigeria: Lagos Designs Eligibility Form For Businesses To Access N1Billion Seed Capital

Lagos has designed a palliative eligibility form, to take in the applications of qualified practitioners for its N1 billion seed capital investment.

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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.

This disclosure was made by Mrs. Uzamat Akinbile-Yussuf, Lagos State Commissioner for Tourism, Arts and Culture.

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 website: http://tsp.lagosstate.gov.ng, and generate a code upon completion of the online form.

The Commissioner stated that although the seed capital is domiciled with Lagos State Employment Trust Fund, the Ministry of Tourism, Arts and Culture decided to design a form that would help identify genuine practitioners, who have verifiable information domiciled with the Ministry.

In her words, the rationale behind the online form is to ensure the judicious disbursement of funds to genuine and qualified practitioners in the sector-related businesses.

What you should know

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

Must be a resident of Lagos State (LASSRA).
Business must be within the creative Arts, Tourism and Hospitality sector.
Business must be registered with the Lagos State Ministry of Tourism, Arts and Culture.
Business must be operational for at least One (1) year.
For Term Loan and Hub Loans/Production Loans within the SME category, business must be registered with CAC.
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.
Evidence of Tax Compliance.
The Ministry implored interested and qualified practitioners to visit the Hotel and Licensing department of the Ministry of Tourism, Arts and Culture at Block 10, Secretariat, Alausa, Ikeja for further clarifications and any other assistance or call 08023320906.

– Nairametrics

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