Polaris Bank, Lagos Launch N1bn Fund For Barbers, Mechanics, Others

By Tosin Olatokunbo

Polaris Bank says it has entered into partnership with the Lagos State government to provide N1 billion to assist artisans in the state to grow their businesses. This was disclosed on Thursday by the Innocent C. Ike-led bridge bank.

The bank’s Executive Director, Lagos Business, Segun Opeke, disclosed that the aim of the fund as to create wealth and empower artisans who have operated within the state’s MSME framework at least for a year.

He stressed that the partnership is between the bank and the Lagos State Employment Trust Fund, LSETF noting that the partners will provide N500 million apiece for the fund.

On her part, the Executive Secretary of LSETF, Tejumola Abisoye said, “LSETF working with the Lagos State Council of Tradesmen and Artisans and the Ministry of Wealth Creation and Employment is committed to making impact by ensuring it creates access to finance and sustainable job opportunities for artisans in Lagos State.

“We are happy to partner with Polaris Bank in ensuring that this mandate is achieved, and we know that through this fund, thousands of artisan businesses across the state can become sustainable. At LSETF, we are open to more strategic partnerships to reduce unemployment by building the capacity and improving the productivity of Lagos residents.

“We are working with Polaris Bank to grant this loan at a single digit of 9.5% per annum. This is extremely important because we want it to be clear from day one that it is affordable. We still think it is the most affordable in the market that you can have access to at the moment,” she added.

Explaining the process of accessing the funds Adebimpe Ihekuna, the Group Head, Products and Market, Polaris Bank, said the fund is easy to access, with a highly subsidised interest rate of less than one percent.

Some conditions for barbers, mechanics, vulcanizers to access the loan, she stated include a proof that their businesses are located in the state, as well as operating a Polaris Bank account.
She said intereted artisans can access up to N5 million for the purchase of equipment.