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Thursday, June 24, 2021

ENDSARS: Lagos State Creates Recovery Fund For Small Businesses Destroyed By Thugs

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The Lagos State Government has created a recovery fund platform for Small businesses damaged during the destruction of properties across Lagos. Thugs had gone on a rampage to destroy businesses, leading to the loss of millions of naira by many business owners.

The thugs had taken advantage of the #EndSARS protest and curfew announced by the Lagos State Government to unleash mayhem. With the Nigerian economy just reopening after almost four months of partial closure, the destruction of properties and the EndSARS protest increased the financial burden on businesses, most especially small enterprises in Lagos.

In order to reduce the financial burden of small business owners, the state government opened a funding portal to assist small businesses obtain the financial or credit support needed. AllNews gathered that securing the government intervention comes with some requirements.

Requirements To Obtain Government Support
In the recovery portal created, small businesses must be registered with the Corporate Affairs Commission (CAC), provide estimated amount lost and photo of the damages, amongst many others.

The recovery fund is supported by the Lagos State Employment Trust Fund (LSETF). To apply for the fund, click this link.

The governor of the state, Babajide Sanwo-olu, is already touring affected areas and properties, to know the extent of the damages caused by the thugs.

Large companies were also destroyed by the thugs, as they ransacked major supermarkets outlets including Spar and Shoprite. Media outlets like TVC and The Nation newspapers, as well as stores in malls on the island were also affected.

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