The Ministry of Tourism, Arts and Culture has designed an eligibility form for the 1 billion seed capital released by the Lagos State government in order for interested practitioners to have access to the fund.
The Lagos Government created this fund in response to the economic challenges being experienced as a result of the Covid-19 Pandemic which caused the shutdown of all tourism, hospitality and creative arts businesses and the government 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.
Here are the requirements for applying for the fund:
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
Here is what the application form would look like:
- Name of establishment
- Registration Number
- Payer ID
- Type of Business (Hospitality, Tourism, Entertainment, Creative Arts, Cinema)
- Nature of Ownership ( Sole proprietorship, partnership, corporate)
- Name of Association
- LASSRA Number
- Phone Number
- Passport upload
- First-year of operation (Date)
- Certificate of Incorporation Number and Date
- Evidence of Registration with the Ministry of Tourism, Arts and Culture ( Registration certificate/license, receipt of payment, last receipt of payment)
- Upload of 3 Years Tax Clearance (2016-2019)