Frequently Asked Questions
A Hub Loan is a zero interest loan available to high-performing, outcome-focused co-working spaces, hubs and incubators operating in Lagos State.
Lagos Innovates is offering Hub Loans at significantly more attractive terms than commercial lenders. The maximum loan amount is 50 million naira, at a 0% interest rate over four years, with a 6-month moratorium on principal repayments.
Operators of co-working facilities, hubs or incubators that meet the eligibility criteria can apply for Hub Loans. Hub Loans are corporate loans and you must apply as a registered company.
Successful loan applicants will be required to make monthly interest payments, and after the moratorium period, monthly principal repayments, during the life of the loan. Details about the repayment schedule will be included in the loan agreement if your application is successful.
You can apply via the Lagos Innovates website.
Hub Loans are being made available for capacity expansion and improvements to service offerings by operators of hubs and co-working spaces. Eligible uses of funds include infrastructure improvements, real estate costs, provision of structured content and programs targeted at IDEs or tech startups, etc. Lagos Innovates does not expect that loan proceeds will be used to fund salaries or marketing costs.
Unfortunately, you cannot apply for a Hub Loan if your business is headquartered in another state.
Yes. You will need to provide an asset debenture.
Yes. You will need to two guarantors.
Please have a look at the Application Guidelines provided on the Lagos Innovates website for additional information on making your application.