The Lagos Innovates Hub Loan Program is now open for applications, according to an announcement by the Lagos State Employment Trust Fund (LSETF).
This initiative provides low-interest loans to innovation hubs, co-working spaces, and incubators within Lagos State, aiming to support their growth and operational upgrades.
Operators of hubs looking to expand their locations or upgrade existing facilities are encouraged to apply. “This is a chance to get single-digit loan to scale your operations, enhance your capacity and strengthen your services,” LSETF noted.
The program is specifically targeted at workspaces that already serve startups and tech entrepreneurs across Lagos. Through this funding, hub owners will be able to:
i) Improve infrastructure (internet, power, etc.)
ii) Expand physical space and capacity
iii) Launch new programs and services for startups
Applications are welcome from registered businesses headquartered in Lagos that operate as co-working spaces, innovation hubs, or incubators. The LSETF also outlined the eligibility criteria clearly:
i) Your business must be registered in Nigeria and have its headquarters in Lagos State.
ii) You must be a resident of Lagos State. The business must operate a co-working space, incubator, tech, or creative hub in Lagos State.
iii) The business must have been operational for at least 18 months.
iv) The business must be registered with the CAC.
v) You must provide two (2) guarantors with sizable income (for Hub Loans).
vi) Clean credit reports.
vii) Evidence of tax compliance (for at least 1 year).
In addition to financial support, applicants will benefit from the Lagos Innovates Idea Hub Program. Sessions with assigned mentors are mostly virtual, while masterclasses are available both virtually and in person.
Participants will receive the following support:
a) Business incubation and coaching by Lagos Innovates experienced and seasoned mentors
b) Access to Lagos Innovates network including Government, Corporates, Startups, Investors, etc.
c)Access to administrative services such as legal, accounting, HR, etc.
d)An opportunity to pitch for Lagos Innovates Workspace Vouchers (valued between N75,000 – N1,800,000)
e)Founders will be ambassadors of the Idea Hub program and join Lagos Innovates network of startups
How to apply:
Interested applicants can apply via the Lagos Innovates application portal Here.