Operators of Tourism, Hospitality, and Entertainment businesses can now seek credit funding in the ₦1 billion Lagos state seed capital investment through the Palliative Eligibility Form.
The initiative is designed to offer support to businesses in these sectors, that were affected by the recent lockdown caused by the COVID-19 pandemic. The form is accessible online for the processing of entries from qualified businesses in the tourism, hospitality and creative arts sectors.
The Lagos State Commissioner for Tourism, Arts and Culture, Mrs. Uzamat Akinbile-Yussuf said that the online eligibility form has been provided to verify eligible businesses and aid the effective distribution of credit funding.
READ ALSO: N-Power Reps Forum to Update Exited Batch A, B Beneficiaries
Eligibility
To be eligible for the funding, business owners must reside within Lagos and be registered with the Lagos State Residents Registration Agency (LASRRA). The seed capital is only available to tourism, hospitality and entertainment-related businesses.
Interested businesses must be registered with the Lagos State Ministry of Tourism, Arts and Culture and have been in operation for at least one year.
Also, applicants should possess evidence of tax compliance for each financial year between 2016 and 2019 and may be members of an association in their sector. Businesses intending to apply for term and production loans within the SME category must be registered with the Corporate Affairs Commission (CAC).
Two (2) guarantors with a sizable income are required for term/production loans within the SME category. For term loans in the ME category, one of the two (2) guarantors must be an Association.
Businesses applying for these loans must operate a hub, incubator or similar facilities that support the development of emerging or existing talent within the Entertainment, Tourism and Hospitality sectors in Lagos State.
For the production loan, businesses must possess work experience in cinematic production. All applicants require two passport photographs.
How to Apply
Here’s how to apply for the N1 billion Lagos state seed capital for businesses.
1. Apply through the Palliative Eligibity Form
To begin your application, log on to the Lagos state palliative eligibility form on your mobile phone or computer. Asterisked (*) sections are required. Scroll down to continue.
2. Enter Business Name and Upload Passport
At this stage, fill in the name of your business and input your unique taxpayer identity code issued by the Lagos Internal Revenue Service.
From the drop-down menu, select the nature of your business – Sole proprietorship, Partnership or Corporate. Also, enter your email address and phone number.
Upload a copy of your passport photograph then proceed.
3. Input CAC and LASRRA Registration Numbers
Enter your CAC registration number and choose the sector your business falls under – Hospitality, Tourism, Entertainment, Creative Arts or Cinema.
Fill in the name of an association your business belongs to and also enter your Lagos State Residents Registration Agency (LASRRA) number and address of business location.
From the calendar icon, choose the date when your business commenced operations.
