The Lagos State Government is launching a new financing initiative to boost access to affordable credit for small and medium-sized enterprises (SMEs). Through its Ministry of Commerce, Cooperatives, Trade, and Investment, the state will sign a Memorandum of Understanding with the Bank of Industry (BoI) under the Lagos State Access to Finance for SMEs through Co-operatives (LASMECO) programme.
The official signing ceremony and programme launch will take place tomorrow in Alausa, Ikeja. The initiative aims to provide low-interest, non-collateralised loans of up to ₦10 million at 9% interest, with flexible repayment terms of two to three years.
A key feature of LASMECO is the 50% risk guarantee on each loan, which ensures better security and accessibility for cooperatives and their members.
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Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose, described the programme as a "game-changer" for SME financing, especially in vital sectors such as agriculture, healthcare, manufacturing, creative industries, and the circular economy.
Governor Babajide Sanwo-Olu will lead the event, joined by key stakeholders including BoI Managing Director Olasupo Olusi, and presidents of the Manufacturers Association of Nigeria (MAN) and Lagos Chambers of Commerce and Industry (LCCI). The LASMECO programme supports the Sanwo-Olu administration's THEMES+ agenda focused on inclusive industrial growth and economic development across the state.
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